Bitcoin Fluctuates in a Confined Range as It Revisits $48k High
Bitcoin is now range-bound in a confined range as Bitcoin revisits $48k high. Since September 21, BTC’s price has been fluctuating between $40,000 and $45,000. Buyers have made concerted efforts to defend the $40,000 psychological price level. Bitcoin is trading in the bearish zone as sellers made four unsuccessful attempts to breach the support level. BTC/USD is trading at $44,051 at the time of writing.
Resistance Levels: $50,000, $51,000, $52,000
Support Levels: $40,000, $39,000, $38,000
Bitcoin price is rising as buyers push the king coin on the upside. For the past three days, BTC’s price has been trading marginally above the $42,000 price level. There has been no significant price movement as Bitcoin was range-bound in a confined range. Today, buyers have another opportunity to retest the previous highs. They have to breach the initial resistance at $45,000 and later sustain the BTC price above the $48,800 overhead resistance. If buyers are successful above the overhead resistance, it will signal the resumption of the uptrend. However, if Bitcoin faces rejection from the previous high, it implies that the range-bound move will continue for a few more days.
Bitcoin (BTC) Indicator Reading
BTC price is at level 46 of the Relative Strength Index period 14. It indicates that Bitcoin is in a downtrend zone and below the centerline 50. It indicates that the crypto is in the bearish trend zone and capable of falling on the downside. Since the crypto’s price is below the moving averages, the selling pressure is likely to continue. Bitcoin is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region, Further upward move is doubtful as Bitcoin faces resistance at $45,000 high.
Nevertheless, on the 4-hour chart, Bitcoin is range bound between $40,000 and $45,000 as Bitcoin revisits $48k high. The current uptrend has reached the overbought region as it faces resistance at the $44,000 high. BTC price is likely to fall at the recent high which will compel it to continue the range-bound movement. The bears may want to revisit the current support if Bitcoin falls from the recent high.
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