Bitcoin Approaching Resistance Near $52K; Support Between $48K-$50K

Bitcoin (BTC) has entered an initial resistance zone near $52,000 and could face a short-term pullback toward $48,000-$52,000 support. The cryptocurrency appears overbought on intraday charts after a near 20% rise over the past week.

• The last time BTC approached the $52,000 level was on Sept. 6, which preceded a sharp sell-off.
• This time, however, pullbacks appear to be limited given a series of breakouts over the past week.
• Buyers will need to defend lower support above the 200-day moving average, currently near $45,000, in order to resume the price recovery since July.