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Bitcoin Above $42K Support, Resistance at $46K-$48K
Buyers could remain active at support level as the sell-off stabilizes.
Updated May 11, 2023, 6:36 p.m. Published Sep 27, 2021, 6:42 p.m. 1 min read
Bitcoin buyers defended the $40,000-$42,000 support range over the weekend as selling pressure slowed. The cryptocurrency was trading at about $43,800 at press time and is up about 1.8% over the past 24 hours. The next level of resistance is at around $46,000-$48,000, which could limit further upside over the short term.
- The relative strength index (RSI) on the four-hour chart is not yet overbought, suggesting buyers could remain active toward resistance levels.
- BTC registered a series of lower price highs over the past two weeks as sellers returned at around the $50,000 resistance level.
- A break above the 100-period moving average on the four-hour chart could yield further upside toward $48,000. For now, indicators show pullbacks should remain limited at around the $40,000 support level.
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CNBC reported Tuesday that Musk is discussing a merger between Tesla and SpaceX that would tie his tech empire closer together and instantly create the world’s fifth-largest corporate bitcoin treasury, worth $3.3 billion.
What to know:
- Elon Musk is exploring a potential merger of Tesla and SpaceX, a move that would deepen operational overlap in areas such as power infrastructure and AI-related computing.
- A combined Tesla-SpaceX entity would control about 30,221 bitcoin, worth roughly $3.3 billion, making it the fifth-largest public corporate holder of the cryptocurrency.
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