Bitcoin Holds $40K Support, Initial Resistance at $47K

Bitcoin Holds $40K Support, Initial Resistance at $47K

Bitcoin (BTC) is stabilizing as buyers defended support at the $40,000-$42,000 breakout range. The cryptocurrency is oversold on intraday charts, which could encourage further upside toward the $47,000 resistance level.

BTC was trading at about $43,000 at press time and is roughly flat over the past 24 hours.

The relative strength index (RSI) on the four-hour chart is deeply oversold, which typically precedes short-term price increases.Bitcoin faces initial resistance at its 100-period moving average on the four-hour chart at about $47,000, and then at $50,000, where buyers have continuously taken profits.

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