Bitcoin Holds Support

Bitcoin (BTC) buyers were active during business hours in Asia and received support near the 200-day moving average. Cryptocurrencies have tested initial resistance of about $ 50,000 and have risen about 5% in the last 24 hours. Beyond current levels, it could lead to an additional $ 55,000 increase.

The Relative Strength Index (RSI) on the 4-hour chart is an area of ​​overbought ahead of a short-term setback similar to what happened on August 23, when buyers were unable to exceed the $ 50,000 resistance. Is approaching. Initial support is estimated to be around $ 47,800 on a 100-hour MA on a 4-hour chart, which could stabilize pullbacks. Buyers may defend lower support as Bitcoin is integrated, but strong momentum has diminished in recent weeks.

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