Bitcoin rallies above $ 47,000; Resistance at $ 50K

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Bitcoin (BTC) returned above $ 47,000 for the first time in two weeks, indicating strong demand from short-term buyers. The next level of resistance is seen at $ 50,000, where some profit taking took place in early September.

Technical indicators show improving bullish momentum on the daily chart, which is the first positive reading since July. This means that the medium term uptrend is stabilizing, albeit within a range of $ 40,000 support and $ 50,000 resistance.

  • The relative strength index (RSI) is not yet overbought on the daily chart, which could keep buyers active in the near term.
  • On the weekly chart, the RSI is neutral and the bullish momentum remains weak. This suggests that a period of consolidation could persist below the resistance range of $ 50,000 to $ 55,000.
  • Buyers have defended around $ 40,000 support over the past few days, which is also where a price breakout occurred on August 6th. Additionally, BTC is back above the 200-day moving average, providing an advantage for buyers who wish to reverse withdrawals.

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