Bitcoin remains between 45,000 and 52,000 US dollars

Bitcoin has made a slow start to the new year as crypto traders rest up for the Christmas break. The largest cryptocurrency by market capitalization has fallen about 8% in the past week as demand from buyers has dropped dramatically.

The current bitcoin price is around $46,000. This places the coin at the lower end of a two-week price range between $45,000 as well as $52,000. The price range previously led to higher bids for bitcoin.

The Relative Strength Index (RSI) on the Bitcoin daily chart is rising from an oversold level reached on December 10. This is an indication that selling pressure is easing, especially since signals of downtrend exhaustion appeared on the daily chart for the first time since July 2021.

Bitcoin needs to rise above the moving average of the last 200 days to reach further upside targets. This average is currently at $47,962. The next resistance level is seen at $52,000, which could limit short-term gains.

The current Bitcoin price is relatively low compared to its all-time high, which was reached only in November 2021. However, it is normal for cryptocurrencies to weaken during the turn of the year. Traders take time off for the holidays.

It is expected that the movement will pick up again when trading is back in full swing. In this regard, many industry experts continue to advocate a price forecast of $100,000.

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 that Bitcoin’s downtrend is limited in the short term as selling pressure eases and more traders may start buying again.

The Bitcoin price showed early signs of a decline on New Year’s Eve as earlier gains were reversed. This move ended a successful year on a less positive note.