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Bitcoin Breaks Below Short-Term Uptrend, Lower Support Around $50K
Bitcoin's uptrend continues to slow after breaking short-term support.
Updated Mar 6, 2023, 3:39 p.m. Published Mar 23, 2021, 11:19 a.m.
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Sellers were active during Asia hours, pushing bitcoin (BTC) below intraday trend support. The broader uptrend continues to slow, with lower support around $50,000 and then $42,000.
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- BTC is roughly 15% below its March high after failing to sustain moves above $61,000.
- Sideways trading over the past few days resulted in a 10% decline from trend line support on the four-hour chart.
- The relative strength index (RSI) is now oversold on the four-hour chart, which could encourage minor short covering at current levels.
- Resistance around $58,000 could limit short-term recoveries, especially as the longer-term trend continues to slow, as CoinDesk has reported.
- “We expect the long-term uptrend to moderate as intermediate-term overbought conditions are absorbed,” said Katie Stockton, managing partner of Fairlead Strategies. “Initial support for bitcoin remains near $42,000, far enough below current levels to dictate attention to risk management for long positions.”
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