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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.
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