Bitcoin is declining on the daytime charts and continues to integrate for a week while buyers take a break. Cryptocurrencies are trading at around $ 47,500 at the time of printing and have fallen by about 2% in the past week. Initial support is estimated at around $ 46,000.
As the bulls weakened in the short term, the integration phase created confusing trading conditions.
Bitcoin’s hourly price chart shows RSI support and short-term resistance levels. The Relative Strength Index (RSI) on the hourly chart has risen from oversold levels, with active buyers above the $ 46,000 support level. There is immediate resistance of about $ 48,000, which buyers have made in the last few weeks, followed by $ 50,000. Bitcoin is currently trading in the 200-day MA support zone, which is close to $ 46,000. Below that level, the support for a moving average of about 50 days can drop to $ 40,000.