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Bitcoin Sell-Off Leaves Cryptocurrency in Weakening Short-Term Trend
The daily RSI is approaching oversold territory, which could attract short-term buyers.
Bitcoin (BTC) broke below short-term support around $50,000 during Asia hours. The cryptocurrency was trading around $49,500 at press time and is now oversold on intraday charts, which could stabilize the decline.
STORY CONTINUES BELOW
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- BTC’s April 17 price low just below $51,000 was taken out, which triggered oversold readings on the four-hour relative strength index (RSI).
- The daily RSI is also approaching oversold territory, which could attract short-term buyers.
- However, there is strong resistance around $54,000-$55,000, which could limit price recoveries.
- BTC is now roughly 27% below the April 14 all-time high just below $65,000. This suggests the short-term trend is weakening as BTC approaches stronger support around the $42,000 level.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
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