Bitcoin Holding Support Above $46K; Resistance at $48K-$51K

Bitcoin Holding Support Above $46K; Resistance at $48K-$51K

Bitcoin (BTC) is attempting to break above a tight trading range between $46,000 and $48,000 as momentum remains positive.

The cryptocurrency was trading at about $47,600 at press time and is up 10% over the past week.

Initial resistance is seen at the 200-day moving average, currently at $48,312, which could stall the price rally. Still, there is stronger resistance at $50,966, suggesting that buyers could remain active over the short-term.

The relative strength index (RSI) on the daily chart ticked higher and is firmly in the overbought zone. Previous overbought signals, however, lasted for three months before a significant sell-off in price.

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