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.
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.