Bitcoin is off to a slow start as traders ring in the new year. The cryptocurrency is down about 8% over the past week as demand from buyers slowed. The current price around $46,000 is near the bottom of a two-week long price range, which previously led to higher bids for BTC.
The relative strength index (RSI) on the daily chart is rising from an oversold level reached on Dec. 10. This suggests selling pressure is starting to wane, especially as downside exhaustion signals appeared on the daily chart for the first time since July.
BTC will need to return above its 200-day moving average, currently at $47,962, to yield further upside targets. The next level of resistance is seen around $52,000, which could limit short-term gains.
For now, price momentum is slowing ahead of the Asian trading day, as buyers and sellers appear to be in a stalemate.
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