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Bitcoin Remains Under Pressure, Faces Resistance At $45K
Bitcoin sellers remain active as the broader uptrend weakens similar to 2017 and 2018.
Updated Mar 6, 2023, 3:01 p.m. Published May 20, 2021, 11:46 a.m.
After yesterday's 14% plunge, bitcoin (BTC) clawed back to around $40,000 during Asian trading hours on Thursday, but still remained under pressure.
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Sharp price swings have become the norm this week as the broader uptrend weakens in a way that is similar to what happened to bitcoin in 2018 at the start of a bear market.
- Bitcoin faces resistance at around $45,000, defined by the 50-period volume weighted moving average on the four-hour chart.
- The relative strength index (RSI) remains oversold on the four-hour chart, although buyers are on the sideline as volatility rises.
- Bitcoin is stabilizing around the 200-day moving average. A decisive break below $40,000 would signal a trend shift from bullish to bearish.
- Lower support is seen at around $27,000, which is a roughly 60% retracement of the March 2020 low.
- “$27,000 may be a more realistic gauge of support given the lack of oversold buy signals, which is probably a function of how fast the pullback unfolded,” Katie Stockton, managing partner of Fairlead Strategies, said in an interview with CoinDesk.
Sharp drawdowns of about 40% are common toward the end of a bull market, similar to 2017 and 2018.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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