Bitcoin Holds $40K Support; Initial Resistance at $47K

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Bitcoin (BTC) is stabilizing as buyers defended support around the $40,000-$42,000 breakout range. The cryptocurrency is oversold on intraday charts, which could encourage further upside towards the $47,000 resistance level.

BTC was trading around $43,000 at press time and is roughly flat over the past 24 hours.

The relative strength index (RSI) on the four-hour chart is deeply oversold, which typically precedes short-term price rises.Bitcoin faces initial resistance at the 100-period moving average on the four-hour chart, currently around $47,000, and then at $50,000, where buyers have continuously taken profits.

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