Bitcoin Stabilizes Near $50K Support After Weekend Sell-Off

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Bitcoin (BTC) is stabilizing above its 200-day shifting common, at present at $46,000, after a near-20% sell-off over the weekend. The cryptocurrency was buying and selling round $49,000 on the time of publication and is roughly flat over the previous 24 hours and down about 15% over the previous week.

The relative energy index (RSI) on the each day chart is essentially the most oversold since July, which preceded a powerful value restoration. Still, oversold circumstances may persist for a number of days as sellers steadily exit positions.

BTC is poised for a short-term bounce, though upside seems to be restricted towards the $55,000-$60,000 resistance zone. Over the long run, weekly momentum indicators have shifted unfavourable for the primary time since April, which preceded a short crypto bear market.