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    Home»Crypto»Bitcoin Stabilizes; Faces Resistance at $48K-$50K
    Crypto

    Bitcoin Stabilizes; Faces Resistance at $48K-$50K

    Upside appears limited as bitcoin consolidates near support.
    jack JackBy jack JackSeptember 14, 2021No Comments1 Min Read
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    Bitcoin (BTC) continues to consolidate above the $42,000 support level as short-term momentum improves. The cryptocurrency was trading around $45,900 at press time, which is near the 200-day moving average and is up about 2% over the past 24 hours.

    Buyers are returning, although the upside appears to be limited towards $48,000 to $50,000 resistance over the short-term.

    • The relative strength index (RSI) on the four-hour chart is rising from oversold levels last week and is not yet overbought. This could encourage a brief price bounce.
    • Bitcoin remains below the 100-period moving average on the four-hour chart, which was rejected during the sell-off last week.
    • BTC will likely consolidate around the current support zone, albeit vulnerable to higher volatility.
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    jack Jack

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