Bitcoin is off to a slow start in the New Year as traders recover from the Christmas break. The crypto giant is down around 8% over the past week as demand from buyers dramatically slowed.
The current price of Bitcoin is around $46,000. This places the coin near the bottom of a two-week long price range between $45K and $52K. The price range previously led to higher bids for Bitcoin.
The relative strength index (RSI) on the daily Bitcoin chart is rising from an oversold level that was reached on Dec. 10. This suggests selling pressure is starting to drop, especially as downside exhaustion signals appeared on the daily chart for the first time since July 2021.
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Bitcoin will need to make moves above its 200-day moving average, which is currently at $47,962, to achieve further upside targets. The next level of resistance is seen around $52,000, which could limit short-term gains.
The current price of Bitcoin is relatively low compared to the all-time high that was hit in 2021. However, it is normal for cryptocurrency to dwindle during the New Year, when traders have taken time off to celebrate the holidays.
It is thought that movement will pick up again when trading is back in full-swing with $100,000 price predictions still firmly held by many industry experts.
For now, price momentum is slowing ahead of the Asian trading day, as buyers and sellers appear to be in a stalemate.
Price indicators also suggest limited downside for Bitcoin over the short-term as selling pressure slows and more traders may begin to buy again.
The price of Bitcoin first showed signs of a dip on New Year’s Eve when previous gains were reversed. The move ended a successful year on a less positive note.
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