Bitcoin (BTC) patrons try to reverse a short-term downtrend on the charts.
Over the previous two weeks, worth motion has been anchored across the $40,000 assist stage, which is the place patrons beforehand stepped in forward of the October worth rally.
Still, the cryptocurrency may face resistance round $45,000-$48,000 as intraday alerts strategy overbought territory.
As of press time bitcoin was altering arms at $42,952, up 2.5% over the previous 24 hours.
The 100-day shifting common on the four-hour chart is sloping downwards, indicating a declining worth development over the previous month. A decisive break above $43,000 may sign a optimistic development shift on intraday charts.
On the each day chart, bitcoin seems to be oversold, albeit inside a downtrend that started in November. That means upside might be restricted given the decline in long-term momentum.