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Bitcoin Rangebound at Support; Resistance at $36K
Minor support is seen at $33,000, which is near the 100-day moving average on the four-hour chart.
Updated Mar 6, 2023, 3:37 p.m. Published Jul 6, 2021, 11:21 a.m. 1 min read
Bitcoin (BTC) was holding support around $33,000 at press time and is down about 5% over the past week. The cryptocurrency had a choppy trading session during Asia hours and is stuck in a tight range since June. Initial resistance is seen at $36,000 as short-term buyers continue to take profits.
- A series of lower price highs over the past two weeks has prevented bitcoin from reaching $40,000, which is the top of the trading range.
- Minor support is seen at $33,000, which is near the 100-day moving average on the four-hour chart.
- Bitcoin also has a series of higher price lows from the June 22 shakeout around $29,000. Lower price highs and higher prices lows indicates a period of consolidation as buyers and sellers are undecided about future price direction.
- The relative strength index (RSI) is broadly neutral after reaching overbought levels on July 4, which preceded a pullback in price.
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CNBC reported Tuesday that Musk is discussing a merger between Tesla and SpaceX that would tie his tech empire closer together and instantly create the world’s fifth-largest corporate bitcoin treasury, worth $3.3 billion.
What to know:
- Elon Musk is exploring a potential merger of Tesla and SpaceX, a move that would deepen operational overlap in areas such as power infrastructure and AI-related computing.
- A combined Tesla-SpaceX entity would control about 30,221 bitcoin, worth roughly $3.3 billion, making it the fifth-largest public corporate holder of the cryptocurrency.
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