Share this article
Bitcoin Takes a Breather, Could Find Support at $50K-$52K
Upside momentum is slowing, although pullbacks could be limited into Asian trading hours.
Updated May 11, 2023, 5:12 p.m. Published Oct 12, 2021, 7:30 p.m. 1 min read
Bitcoin buyers are exiting positions as overbought signals appear on the charts. Resistance is seen at around $58,000-$60,000, the level that preceded a price drop in May. This time, however, pullbacks could be limited toward the $50,00-$52,000 support zone.
BTC was trading at around $55,600 at press time and is down 3% over the past 24 hours.
- The relative strength index (RSI) on the four-hour chart is declining from overbought levels last week, which suggests the current pullback could extend into Asian trading hours.
- The RSI is also overbought on the daily chart similar to early September before a price correction occurred.
- For now, immediate support is seen at the 50-period moving average on the four-hour chart, which is at $54,000. Short-term volatility could remain elevated as indicators show a stalemate between buyers and sellers.
Больше для вас
From May 20 to May 29, XRP funds took in $35 million while bitcoin and ether ETFs lost roughly $2 billion combined, with Ripple’s earlier reported XRP treasury plan still awaiting confirmation.
Что нужно знать:
- U.S.-listed spot XRP ETFs drew $11.88 million in net inflows on May 29, extending a week of gains even as bitcoin and ether funds saw continued redemptions.
- Total net assets in U.S. XRP ETFs now stand near $1.12 billion, with about $35 million added since May 20 while bitcoin and...
Top Stories
