Bitcoin Holds Support, Testing $50K Resistance

Bitcoin (BTC) buyers were active during Asian trading hours as they defended support at around the 200-day moving average. The cryptocurrency is testing initial resistance of around $50,000 and is up about 5% over the past 24 hours. A breakout above current levels could yield further upside toward $55,000.

The relative strength index (RSI) on the four-hour chart is approaching overbought territory, which typically precedes brief pullbacks similar to what happened on Aug. 23 when buyers failed to break above $50,000 resistance.
Initial support is seen at the 100-period moving average on the four-hour chart of about $47,800, which could stabilize a pullback.
Upside momentum has faded over the past few weeks, although buyers will likely defend lower support as bitcoin consolidates.

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