Bitcoin hits new multi-month high but bulls face headwinds from overbought studies

Bitcoin eases from the highest since April 2022 in early Tuesday’s trading, after hitting levels above 47000 on Monday, in renewed attempt to break out of the multi-week range.

Monday’s close above 47000 after 6.5% advance, adds to signals of break and opens prospect for further advance, however overbought conditions warn that traders may collect profits.

Overall sentiment is bullish and boosted by expectations that the US regulator will approve spot bitcoin ETF after finalizing the details.

Corrective dips will face initial support at 4600 zone and should ideally find firm ground at 44300 zone (former high / rising 10DMA) to keep bulls intact, with deeper pullback not to be very harmful for bulls as long as the price stays below 40500/40000 breakpoints.

Res: 47317; 48197; 49000; 50000
Sup: 45946; 45138; 44243; 43623