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Bitcoin Momentum Weakens; Support at $35K-$37K
BTC's trading range could persist into the following week.
Updated May 11, 2023, 3:52 p.m. Published Apr 29, 2022, 5:44 p.m. 1 min read
Bitcoin (BTC) is testing support around its 100-week moving average, although upside momentum has slowed over the past month. The cryptocurrency could remain in a wide trading range until a decisive breakout or breakdown occurs.
BTC is on track for an 18% decline this month and is down about 40% from its all-time high of around $69,000 reached in November.
Most technical indicators are neutral on the daily and weekly chart and bearish on the monthly chart. That could increase the risk of a breakdown in price, especially if support at $37,500 fails to hold.
A series of higher price lows since Jan. 24 has supported buying activity on dips. Still, resistance at $46,710 has capped rallies over the past three months.
For now, BTC is on watch for a countertrend reversal signal next week, per the DeMARK indicators, which typically precedes a brief upswing in price.
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The creator of the Mayer Multiple argues bitcoin’s growing economic substance is compressing volatility and attracting deeper capital.
Wat u moet weten:
- Bitcoin volatility has dropped from around 120 in 2017 to 35 as institutional participation and options markets add stability to the asset.
- Mayer believes lower volatility makes bitcoin more investable for corporations, family offices, and institutional investors.
- Despite long-term concerns around miner security incentives and quantum computing, Mayer remains bullish...
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