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Bitcoin Attempts to Break Downtrend; Faces Resistance Toward $45K
Bitcoin's price will need to remain above $37,000 over the weekend in order to signal the start of a recovery phase.
Updated May 11, 2023, 4:59 p.m. Published Feb 4, 2022, 7:32 p.m.
Bitcoin (BTC) buyers were active over the past 24 hours as the cryptocurrency topped $40,000 for the first time in two weeks. Upside momentum is improving after technical indicators reached the most oversold levels since March 2020.
BTC was trading around $40,500 at press time and is up 10% over the past 24 hours.
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Buyers will need to make a decisive move above $40,000 in order to reverse the price downtrend since the November peak around $69,000. Over the past few months, brief rallies have been capped below resistance levels, which means sellers have been in control.
Over the short term, however, bitcoin could see additional upside, especially since the relative strength index (RSI) is not overbought on the daily chart. The next level of resistance is around $45,000, which could stall the current rally.
Bitcoin's price will need to remain above $37,000 over the weekend in order to signal the start of a recovery phase. Still, significant price gains are unlikely if negative momentum signals are confirmed on the monthly chart.
Technical confirmation requires at least two consecutive daily or weekly price closes above or below a major support/resistance level. When gains or losses are carried over into the following trading session it may reflect conviction among buyers and sellers, leading to more reliable price targets.
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Sizin için daha fazlası
Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
Bilinmesi gerekenler:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
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