Bitcoin in Recovery Mode; Resistance at $48K-$50K
Upside appears to be limited towards $50K.
Bitcoin (BTC) is recovering after a volatile sell-off last week and is up about 3% over the past 24 hours. The cryptocurrency faces resistance around the $48,000 to $50,000 price range, which could limit upside moves over the short-term.
Buyers continue to defend the 200-day moving average around $45,000 as downside momentum wanes.
– The relative strength index (RSI) on the four-hour chart is approaching overbought levels similar to last week, which preceded a sell-off.
– However, the RSI is rising from neutral levels on the daily chart, which could keep buyers active towards the $50,000 resistance level.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Reference: https://www.coindesk.com/markets/2021/09/15/bitcoin-in-recovery-mode-resistance-at-48k-50k/
