Bitcoin $BTC broke above its two month-long downtrend as short-term momentum improved. The next level of resistance is at $45K-$47K.
Bitcoin's daily price chart shows support/resistance with RSI on the bottom panel. The cryptocurrency was trading at around $44,200 at press time and has confirmed a break above its two month-long downtrend.
The intermediate-term outlook has become less bearish for BTC given the recent price bounce. That means buyers could remain active toward the next level of resistance of $45,000 to $47,000. At that point, a brief pullback is to be expected after retracing 38% of the prior downtrend. The relative strength index on the daily chart is not yet overbought, which leaves additional room for price gains this week. Buying activity has stalled over the past few weeks after the RSI first signaled oversold conditions on Dec. 10.
Still, momentum signals remain negative on the weekly and monthly chart, indicating some caution behind the latest price rally.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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