The $48,000 figure represents the immediate barrier for the coin while the key hurdle arrives at $50,000
Cryptocurrency prices are mostly in green on Monday, with bitcoin holding around $47,000 after a rejection from fresh mid-may highs in the $48,000 area earlier in the day. The leading cryptocurrency by market capitalization regained bullish bias following a retreat during the weekend. However, BTCUSD lacks upside momentum to see a sustained ascent for the time being.
The $48,000 figure represents the immediate barrier for the coin while the key hurdle arrives at $50,000. As traders buy bitcoin on dips, it looks likely that the digital currency could challenge this barrier in the coming days if $48,000 gives up. On the downside, if the $47,000 figure gives up anytime soon, the BTCUSD pair could retarget the 200-DMA, today at $44,700. Of note, this moving average capped losses on Sunday and could trigger a bounce once again should the selling pressure reemerge.
In a wider picture, the outlook looks fairly positive, especially as the prices have settled above the 20-week SMA, today at $43,000. As long as bitcoin stays beyond this moving average, the path of least resistance is to the upside. Meanwhile, the weekly RSI is pointing slightly higher, suggesting the BTCUSD pair could continue recovery attempts.
As for other cryptocurrencies, Ethereum also climbed to fresh mid-May highs around $3,337 but failed to preserve upside momentum as well. Ether was last seen changing hands in the $3,260, unchanged for the day. At this stage, the second-largest cryptocurrency needs to hold above the $3,000 threshold in order to avoid a bearish correction. In a wider picture, Ether is now struggling for direction after four consecutive weeks of gains. The overall technical outlook remains relatively upbeat at this stage.