Bitcoin Stabilizes at Support; Faces Resistance at $45K

Bitcoin Stabilizes at Support; Faces Resistance at $45K

Bitcoin (BTC) is in recovery mode after a sharp correction this week. The cryptocurrency held support near $30,000 and was trading around $40,000 at press time. Volatility should remain high into the weekend and next week with upside limited towards $45,000 resistance.

  • The relative strength index (RSI) on the daily chart is oversold which could keep buyers active at support levels.
  • Bitcoin returned above the 100-day moving average which should stabilize selling pressure.
  • The broader uptrend is weakening, but price will have to stay above $40,000 to maintain a bullish outlook.
  • Resistance is seen around the 50-day volume weighted moving average around $45,000 which could limit price recoveries over the short-term.
  • Source