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Bitcoin Takes a Breather, Could Find Support at $50K-$52K

Upside momentum is slowing, although pullbacks could be limited into Asian trading hours.

By Damanick Dantes
AccessTimeIconOct 12, 2021 at 7:30 p.m. UTC
Updated May 11, 2023 at 5:12 p.m. UTC
Bitcoin's four-hour chart (CoinDesk, TradingView)
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Bitcoin (BTC) buyers are exiting positions as overbought signals appear on the charts. Resistance is seen at around $58,000-$60,000, the level that preceded a price drop in May. This time, however, pullbacks could be limited toward the $50,00-$52,000 support zone.

BTC was trading at around $55,600 at press time and is down 3% over the past 24 hours.

  • The relative strength index (RSI) on the four-hour chart is declining from overbought levels last week, which suggests the current pullback could extend into Asian trading hours.
  • The RSI is also overbought on the daily chart similar to early September before a price correction occurred.
  • For now, immediate support is seen at the 50-period moving average on the four-hour chart, which is at $54,000. Short-term volatility could remain elevated as indicators show a stalemate between buyers and sellers.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Damanick Dantes
Damanick Dantes

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

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