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Bitcoin Holding Support at $30K, Resistance at $35K
BTC's volume uptick is an initial sign of capitulation, but upside remains limited.
Updated May 11, 2023, 3:52 p.m. Published May 10, 2022, 5:21 p.m.
Bitcoin (BTC) stabilized at around the $30,000 support level, which could keep short-term buyers active. Still, upside appears to be limited, initially toward the next resistance level at $35,000.
BTC was trading at about $31,300 at press time and is roughly flat over the past 24 hours. It's down by 16% over the past week. Several alternative cryptos (altcoins) are outperforming BTC over the past 24 hours, suggesting a greater appetite for risk among short-term traders.
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Typically, BTC declines less than altcoins during market recoveries because of its lower risk profile relative to smaller tokens.
The relative strength index (RSI) on the daily chart is rising from extreme oversold levels, which could support a brief relief rally similar to what occurred in late January. This time, however, negative momentum signals have increased the chance of additional breakdowns on the chart.
Further, the 14-day moving average of volume (based on Coinbase exchange data provided by TradingView) ticked higher, which could be an initial sign of capitulation. Still, current volume levels are lower than June of last year when BTC settled at about $30,000.
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