Share this article
Bitcoin Pullback Deepens; Minor Support at $38K-$40K
Sellers remain active at resistance levels, maintaining the short-term downtrend.
Updated May 11, 2023, 3:54 p.m. Published Feb 17, 2022, 7:12 p.m. 1 min read
Bitcoin (BTC) pared earlier gains after sellers reacted to overbought conditions on the charts. Resistance between $44,000 and $46,000 capped upside moves over the past month, which contributed to price weakness.
BTC was trading at $41,000 at press time and is down 6% over the past 24 hours. Lower support at $38,000 and $40,000 could stabilize the current pullback into the Asia trading day.
The relative strength index (RSI) on the four-hour chart is oversold, similar to what occurred on Feb. 3, which preceded a 20% price jump. This time, however, the $46,000 resistance level could keep sellers active toward stronger support at $30,000.
Further, a series of higher price lows from Jan. 24 was broken on intraday charts, indicating a loss of upside momentum.
More For You
The bitcoin miner turned HPC infrastructure developer unveiled plans for a new 1 gigawatt facility in Kentucky aimed at servicing AI workloads.
What to know:
- TeraWulf surged 13% on Tuesday after announcing a new facility in Kentucky to serve to serve AI and high-performance compute demand.
- Former bitcoin miners tied to the AI infrastructure boom broadly moved higher as the AI spending momentum continues.
Top Stories
