Bitcoin (BTC) rallied above $45,000 as upside momentum improved over the past two weeks. The next level of resistance is seen at $50,000, which could limit further upside given short-term overbought signals. Bitcoin is up about 2% over the past 24 hours – around $45,600 at press time and holding support above $40,000.
- The relative strength index (RSI) on the daily chart is overbought for the second time since July 31, which preceded a near-10% price decline.
- However, the weekly RSI is rising from neutral levels with a positive momentum signal for the first time since October 2020, which reignited the long-term uptrend.
- Buyers could remain active on pullbacks this week as bitcoin cleared important technical levels such as the 100-day moving average.
Disclosure
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.