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Bitcoin Momentum Improves, Faces Resistance at $34K
Bitcoin is holding onto gains above $30K.
Updated Mar 6, 2023, 3:41 p.m. Published Jul 23, 2021, 11:31 a.m. 1 min read
Bitcoin (BTC) is holding onto gains after a strong return above $30,000 on Wednesday. The cryptocurrency is starting to stall at around $32,400 at press time and is up about 2% over the past week.
Short-term momentum is improving, albeit within an intermediate-term downtrend that began in April. Initial resistance is seen at the 50-day moving average near $34,000.
- The relative strength index (RSI) on the daily chart is rising from oversold levels, which could keep short-term buyers active into the weekend.
- Resistance remains strong at around $40,000, which is near the top of the two-month price range.
- The weekly chart is not yet oversold, although downside momentum is starting to slow.
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Ether drops below $2,000 amid heavy selling pressure, yet futures open interest hits a record high. This divergences suggests aggressive shorting.
What to know:
- Ether has fallen below $2,000 for the first time since March amid rising risk aversion, with losses of nearly 8% over the past week.
- Open interest in ether futures has hit a record high even as prices drop, a combination that suggests aggressive leveraged selling and a bearish market tilt.
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