Share this article
Bitcoin Stalls at Resistance; Could Face Lower Support at $56K
However, if BTC breaks below $57,000, buyers will likely wait to enter around lower support at $56,000.
Updated Mar 6, 2023, 2:47 p.m. Published May 10, 2021, 11:28 a.m. 1 min read
Buyers continued to take profit around $59,000 after a near 5% rise in bitcoin (BTC) on Sunday. The cryptocurrency is currently at support, trading around $57,800 at the time of writing. Stronger support is seen around the $56,000 level.
- Bitcoin is trading near the 100-period moving average on the hourly chart, which suggests profit taking could stabilize during the day.
- However, if BTC breaks below $57,000, buyers will likely wait to enter around lower support at $56,000.
- The relative strength index (RSI) on the hourly chart is not yet oversold, which means price could face further downside after failing to hold above $59,000 over the weekend.
- Bitcoin has retraced about 23% of the recovery from the May 4 low around $53,000. The cryptocurrency continues to consolidate within a broader uptrend.
More For You
The launch of round-the-clock bitcoin futures trading eliminates the long-standing CME weekend gap and marks another step toward fully integrated institutional crypto markets.
What to know:
- From Friday, CME Bitcoin futures and options now trade 24/7 on Globex, ending the traditional Friday-to-Sunday market closure that created the widely watched “CME gap.”
- Despite the structural shift, liquidity remains concentrated in ETF options and offshore perpetuals, with IBIT options open interest far exceeding CME crypto options markets.
Top Stories
