Bitcoin grinds higher to $46.4K nearing potential resistance at $50K level

Bitcoin (BTC-USD) drifts up to ~$46.4K, facing its next level of resistance at $50K-55K, which could stall the cryptocurrency's recovery due to short-term overbought signals, according to CoinDesk's Damanick Dantes. Still, the largest cryptocurrency by market cap is holding above its 40-week moving average, which reflects renewed upside momentum, he said. Bitcoin will need to make a solid break over $55K "to fully resolve the selling pressure from May," he said. Checking in on bitcoin-related names, Grayscale Bitcoin Trust (OTC:GBTC +2.6%) is firmly in the green, unlike Osprey Bitcoin Trust (OTCPK:OBTC -0.8%). Miners Riot Blockchain (RIOT -0.8%), Bit Digital (BTBT -6.6%), and Marathon Digital (MARA -2.2%) fall, while Bitfarms (BITF +5.6%) rises. MicroStrategy (MSTR -0.9%), which holds bitcoin on its balance sheet, also drops. SA contributor Autonomous Capital Management sees bitcoin's uptrend continuing until $50-$52K, consolidation, then a test of highs at $64K, likely in Q3.