Bitcoin Rises Toward $50K; Resistance Seen Around $52K

Bitcoin Rises Toward K; Resistance Seen Around K
Bitcoin (BTC) held support around $46,000 and is attempting to reverse a short-term downtrend. Still, upside appears to be limited toward the $52,000 resistance level, which is roughly midway through the 20% sell-off that occurred earlier this month.BTC is up about 4% over the past 24 hours and down bout 2% over the past week.The relative strength index (RSI) on the daily chart is the most oversold since May 20, which preceded a strong price recovery. Momentum is also stabilizing after several weeks of low trading volume.On the weekly chart, price conditions are less favorable as the uptrend appears to…