Bitcoin Declines; Approaching Lower Support at $42K
Bitcoin will need to remain above $40,000-$42,000 in order to resume the uptrend towards $50,000-$55,000.
Bitcoin (BTC) sellers were active over the past few days as short-term overbought signals appeared on the charts. The world’s largest cryptocurrency by market value was trading around $44,000 support at press time and is down about 2% over the past 24 hours.
The next level of support is seen at the $42,000 breakout level, which could stabilize the pullback.
- The relative strength index (RSI) is approaching oversold levels on the four-hour chart, similar to Aug. 3, which preceded a price bounce.
- On the daily chart, the RSI is neutral after reaching overbought levels over the past two weeks.
- Bitcoin will need to remain above $40,000-$42,000 in order to resume the uptrend towards $50,000-$55,000.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Why it matters:
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
