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Bitcoin Approaching Resistance at $48K-$51K, Support at $45K
BTC appears to be overbought, although pullbacks cold be brief.
Updated May 11, 2023, 6:15 p.m. Published Mar 29, 2022, 5:50 p.m. 1 min read
Bitcoin (BTC) is testing resistance at the 200-day moving average, which could trigger a brief pullback.
The cryptocurrency was trading at about $47,300 at press time and is roughly flat over the past 24 hours.
Upside momentum is starting to fade on intraday charts, which could keep buyers on the sidelines into the Asia trading day. Still, lower support at around $45,000 could stabilize pullbacks.
The relative strength index (RSI) on the daily chart is overbought for the first time in five months, which means sellers could return at the $48,000-$51,000 resistance zone – a 50% reversal of the prior downtrend.
Further, BTC is two days away from registering a countertrend sell signal, according the DeMark indicators, similar to what occurred last August. At that stage, short-term buyers will likely defend support, especially because momentum signals turned positive on the weekly chart.
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The S&P 500 posted its longest weekly winning streak since 2023 and Brent oil stabilized near $92 on US-Iran ceasefire hopes. The biggest cryptocurrencies still drifted lower, with Hyperliquid's HYPE the only major name to rally.
알아야 할 것:
- U.S. stocks and oil rallied, with the S&P 500 logging a ninth straight weekly gain and Brent crude hovering near $92 a barrel on hopes for a U.S.-Iran ceasefire extension.
- Major cryptocurrencies lagged the macro rally, with bitcoin, ether and other large-cap tokens falling around 2% to 6% amid cooling...
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