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Bitcoin Stabilizes at Support; Faces Resistance at $45K
BTC held support around $30K and upside appears limited towards $45K with high volatility into the weekend.
Updated Mar 6, 2023, 3:30 p.m. Published May 21, 2021, 11:47 a.m. 1 min read
Bitcoin (BTC) is in recovery mode after a sharp correction this week. The cryptocurrency held support near $30,000 and was trading around $40,000 at press time. Volatility should remain high into the weekend and next week with upside limited towards $45,000 resistance.
- The relative strength index (RSI) on the daily chart is oversold, which could keep buyers active at support levels.
- Bitcoin returned above the 100-day moving average, which should stabilize selling pressure.
- The broader uptrend is weakening but price will have to stay above $40,000 to maintain a bullish outlook.
- Resistance is seen around the 50-day volume-weighted moving average around $45,000, which could limit price recoveries over the short term.
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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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