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Bitcoin Trending Lower on China Crackdown, Support at $36K-$40K
BTC registered a series of lower price highs this month as buyers take profits.
Updated May 11, 2023, 5:20 p.m. Published Sep 24, 2021, 3:37 p.m.
Bitcoin sellers were active during Asian trading hours after China’s central bank declared cryptocurrency related business illegal. BTC slipped below $42,000 and is down about 3% over the past 24 hours. Initial support is seen at $40,000, which could stabilize the pullback.
A series of lower price highs from the $50,000 resistance level reflects slowing upside momentum this month. The intermediate-term uptrend has weakened, although short-term buyers could defend lower support levels into the weekend.
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- The relative strength index (RSI) on the daily chart is rising from oversold levels last week, which could limit additional selling.
- The 100-day moving average at $40,000 could provide short-term support. If broken, the next level of support is seen around $36,000, which is the middle of a four-month price range.
- Resistance remains strong above $46,000 as buyers continue to take profits.
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From Lockstep to Lag, Bitcoin Poised to Catch Up With Small Cap Highs
The Federal Reserve begins Treasury bill purchases later Friday, starting with $8.2 billion as part of its reserve management program.
What to know:
- The Russell 2000 index has pushed to new all time highs alongside strength across U.S. equities and metals, while bitcoin remains 27% below its peak, marking a rare divergence after years of moving in sync.
- With small-cap stocks highly sensitive to falling interest rates and 2026 earning-per-share growth expectations near 49%, according to Goldman Sachs, improving macroeconomic conditions could realign bitcoin and crypto with small-cap strength.
- The Federal Reserve starts Treasury bill purchases today with an initial $8.2 billion operation, the first step in a $40 billion reserve management program running until April.
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