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Bitcoin Relief Rally Fades; Support Holds at $32K
Bitcoin is down about 12% over the past seven days and was trading around $33,000 at press time.
Updated Mar 6, 2023, 3:20 p.m. Published Jun 24, 2021, 11:30 a.m.
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Bitcoin's (BTC) price gave up some of its gains after rising nearly 20% after the shakeout low of close to $29,000 on Tuesday. The cryptocurrency is holding support above $32,000, although initial resistance is seen around $36,000.
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Bitcoin is down about 12% over the past seven days and was trading around $33,000 at press time.
- The relative strength index (RSI) on the hourly chart registered an overbought signal on Wednesday, which preceded some profit taking around $34,700.
- Bitcoin is attempting to reverse a short-term downtrend as price settles above the 50-period volume weighted moving average on the hourly chart.
- Buyers should remain active given the bullish divergence on the daily RSI, although upside appears limited with resistance between $36,000 and $40,000.
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Bitcoin claws back to $70,000 on cooling inflation after $8.7 billion wipeout
Despite the price recovery, the Crypto Fear & Greed Index remains in “extreme fear,” indicating underlying market anxiety.
What to know:
- Bitcoin’s price recovered above $70,000 after a drop, driven by cooler-than-expected U.S. inflation data and increased risk appetite.
- Despite the price recovery, the Crypto Fear & Greed Index remains in “extreme fear,” indicating underlying market anxiety.
- $8.7 billion in bitcoin losses were realized in the last week, potentially signaling a capitulation event and a shift of supply to stronger hands.
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