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Bitcoin in Pullback Mode, Support at $40K-$42K
Initial support is seen at $40K-$42K, which could stabilize the pullback.
Updated May 11, 2023, 4:33 p.m. Published Sep 20, 2021, 11:25 a.m.
Bitcoin sellers were active over the weekend as the cryptocurrency’s price dipped below the 200-day moving average at $45,000. Initial support is seen in the $40,000-$42,000 range where a breakout occurred on Aug. 6.
The $50,000 resistance level was tested several times over the past few weeks, although buyers ultimately took profits as overbought signals appeared on the charts. BTC was trading at around $44,200 at press time and is down 5% over the past 24 hours.
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- The relative strength index (RSI) on the daily chart dipped below the 50 neutral level and is not yet oversold. That suggests a period of consolidation could persist between $40,000 support and $50,000 resistance.
- On the four-hour chart, the RSI is the most oversold since Sept. 8, which preceded a brief price bounce after a 19% sell-off.
- Short-term buying could occur, although upside appears to be limited beyond $50,000 given strong overhead resistance.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
What to know:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
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