Market Analysis

Bitcoin Price Near To $50k Anytime Soon.

The price of the leading cryptocurrency, Bitcoin [BTC], is presently holding support above $42k and will face resistance near $50k as short-term momentum behind the short-squeeze rally fades. At the reporting time, the cryptocurrency was trading around over $47,350 USD and is up 3% over the past 24 hours.

The short-term uptrend remains intact despite several overbought pullbacks that were resolved to the upside. Bitcoin remains in breakout mode after rallying past $42k, which marked the completion of a two-month consolidation phase.

Bitcoin Price Near To $50k Anytime Soon.

The RSI [Relative Strength Index] on the 4-hour chart is near overbought levels, which usually precede brief pullbacks. The last extreme overbought reading on 26th July occurred before a 10x times pullback.

Bitcoin has maintained a series of upper price highs since the transfiguration breakout above $42k. This suggests buyers still defend support levels as the broader uptrend improves.

The weekly chart has positive momentum signals almost like the beginning of a crypto rally around November last year.

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