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Bitcoin Approaching Resistance Near $52K, Support Between $48K-$50K
Pullbacks appear to be limited given a series of breakouts over the past week.
Updated May 11, 2023, 6:36 p.m. Published Oct 6, 2021, 11:22 a.m.
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Bitcoin 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 nearly 20% increase 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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Binance to shift $1 billion user protection fund into bitcoin amid market rout
Binance will convert the stablecoin holdings in its $1 billion Secure Asset Fund for Users to bitcoin over the next 30 days, with plans for regular audits.
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- Binance will convert the stablecoin holdings in its $1 billion Secure Asset Fund for Users to bitcoin over the next 30 days, with plans for regular audits.
- The exchange has pledged to replenish the fund to $1 billion if bitcoin price swings cause its value to fall below $800 million.
- Binance framed the change as part of its long-term industry-building efforts.
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