Bitcoin Holds Support Near $43K as Rally Pauses

18 August 2021

Bitcoin (BTC) held initial support above $43,000 during Asian trading hours as intraday charts appear to be oversold. The cryptocurrency was trading at around $45,300 at press time and is down 3% over the past 24 hours. Buyers are taking a breather after a near 13% rally month to date and will likely defend breakout support near $42,000.

Bitcoin four-hour price chart shows short-term support and resistance levels with RSI.
Source: TradingView
  • The relative strength index (RSI) on the four-hour chart is almost oversold, which suggests the current pullback could stabilize around support levels.
  • Initial support is seen at the 100-period moving average on the four-hour chart near $43,000 and then at the $42,000 breakout level.
  • Buyers will need to make a decisive move above $50,000 resistance to resume the uptrend.  
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