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Bitcoin Drops Below $50K, Support Between $43K-$45K
Buying activity remains weak, which reduces the chance of a significant price increase into January.
Updated May 11, 2023, 5:15 p.m. Published Dec 9, 2021, 6:34 p.m. 1 min read
Bitcoin continued to struggle below the $50,000 resistance level on Thursday.
The short-term downtrend over the past month remains in effect, which could limit further upside beyond $50,000-$60,000.
The cryptocurrency is down about 4% over the past 24 hours, although support at around the 200-day moving average (now at $46,500) could stabilize the current pullback.
BTC buying activity remains weak despite several oversold signals on the charts. This reduces the chance of a significant price increase heading into January, especially given the loss of upside momentum on the weekly and monthly charts.
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Heavy supply concentration and large options positioning continue to suppress volatility and keep bitcoin range-bound.
What to know:
- Bitcoin rebounded from its 128-day moving average near $74,500
- It remains below key onchain resistance levels around $77,000, including the true market mean and short-term holder cost basis.
- Ahead of the $6.6 billion Deribit options expiry on May 29, large open interest at the $75,000 put and $80,000 call is...
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