Bitcoin remains in breakout mode, although upside is limited to $50K.
Bitcoin (BTC) is trading sideways, indicating a period of consolidation as buyers and sellers appear to be at a stalemate. Resistance is seen around $50,000, which could limit upside into the weekend.
The cryptocurrency is holding support above the 200-day moving average, currently near $45,800. BTC is up 5% over the past week as upside momentum improves.
- The relative strength index (RSI) on the daily chart is neutral as price consolidates within a tight range.
- Bitcoin remains in breakout mode after re-testing the $42,000 support level last week, suggesting buyers could remain active over the short-term.