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Bitcoin Rises Toward $50K; Resistance Seen Around $52K
Momentum is also stabilizing after several weeks of low trading volume.
Updated May 11, 2023, 5:15 p.m. Published Dec 15, 2021, 7:55 p.m.
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Bitcoin held support around $46,000 and is attempting to reverse a short-term downtrend. Still, upside appears to be limited toward the $52,000 resistance level, which is roughly midway through the 20% sell-off that occurred earlier this month.
BTC is up about 4% over the past 24 hours and down bout 2% over the past week.
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The relative strength index (RSI) on the daily chart is the most oversold since May 20, which preceded a strong price recovery. Momentum is also stabilizing after several weeks of low trading volume.
On the weekly chart, price conditions are less favorable as the uptrend appears to be slowing. For now, this suggests short-term buyers could struggle beyond $50,000-$55,000.
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- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
需要了解的:
- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
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