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Bitcoin Breaks Below $42K; Next Support at $34K as Intermediate Trend Turns Bearish
The next level of support is seen at around $34,000, which could stabilize the sell-off.
Автор Damanick Dantes
Bitcoin (BTC) sellers are in control as the cryptocurrency broke below initial support at $42,000 on Tuesday. BTC was trading around $39,000 at the time of writing and could see further declines towards the next level of support around $34,000. Price recoveries should remain limited at short-term resistance levels between $42,000 and $45,000.
- The relative strength index (RSI) on the daily chart has been oversold for the past few days. However, an oversold reading of 25 is not as deep as the March 2020 reading around 14, which suggests selling pressure could persist over the short term.
- The weekly RSI continues to recede from extreme overbought levels and is not yet oversold. This indicates further selling pressure towards lower support zones.
- The next level of support is seen at around $34,000, which could stabilize the sell-off.
- The intermediate-term trend is shifting from bullish to bearish as price is roughly 20% below the 100-day moving average.
- Bitcoin is now down about 30% month to date and has ended months of consolidation to the downside. Breakdowns typically lead to rising volatility and longer drawdown periods.
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Ether drops below $2,000 amid heavy selling pressure, yet futures open interest hits a record high. This divergences suggests aggressive shorting.
What to know:
- Ether has fallen below $2,000 for the first time since March amid rising risk aversion, with losses of nearly 8% over the past week.
- Open interest in ether futures has hit a record high even as prices drop, a combination that suggests aggressive leveraged selling and a bearish market tilt.
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