Bitcoin (BTC) is gathering upside momentum toward the 200-day moving average near $48K. The cryptocurrency could see additional upside at $51K until overbought signals appear on the charts.Read MoreFeedzy
Bitcoin (BTC) buying activity accelerated over the weekend as momentum signals turned positive.
The cryptocurrency broke above initial resistance at $46,000, although stronger resistance at the 200-day moving average, which is now at $48,289, could stall the relief rally.
BTC was trading at around $47,500 at press time and is up 5% over the past 24 hours.
The relative strength index (RSI) on the daily chart is approaching overbought territory, similar to what occurred last October, which preceded a sell-off. This time, however, buyers appear to be targeting a 50% reversal of the four-month-long downtrend, which would yield additional upside toward $50,966.
Momentum signals on the weekly chart have significantly improved, which was previously seen at around the July low of $29,400. Still, momentum remains negative on the monthly chart, which could delay a significant price rally in the short term.
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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Bitcoin traded near $77,350 after $6.3 billion Binance hack, with crypto futures liquidations jumping to…
Bets on rising prices accounted for nearly 84% of forced closures, with Binance handling almost…
All 18,270 coins sit in 19 wallets, 17 of them holding exactly 1,000 BTC each,…
Bitcoin and ether slid after a suspected $6.3 billion Binance security breach and a Polymarket…
Bitcoin Magazine Bitcoin Price Briefly Slides to $76,300 as Binance Confirms Hack Estimated at $6.3…
Bitcoin Magazine Bitcoin Price Slides Below $79,000 as Binance Loses $5.8 Billion in Massive Hack…