Share this article
Bitcoin Holds Support, Testing $50K Resistance
Short-term overbought signals could trigger a brief pullback.
Updated May 11, 2023, 4:29 p.m. Published Sep 2, 2021, 11:12 a.m.
Make us preferred on Google
Bitcoin buyers were active during Asian trading hours as they defended support at around the 200-day moving average. The cryptocurrency is testing initial resistance of around $50,000 and is up about 5% over the past 24 hours. A breakout above current levels could yield further upside toward $55,000.
- The relative strength index (RSI) on the four-hour chart is approaching overbought territory, which typically precedes brief pullbacks similar to what happened on Aug. 23 when buyers failed to break above $50,000 resistance.
- Initial support is seen at the 100-period moving average on the four-hour chart of about $47,800, which could stabilize a pullback.
- Upside momentum has faded over the past few weeks, although buyers will likely defend lower support as bitcoin consolidates.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
HYPE token's 30% surge is a story of crypto-traditional market convergence, treasury firm says
HYPE has surged 30%, outperforming bitcoin, ether and the CoinDesk 20 index by a big margin.
What to know:
- Hyperliquid's HYPE token has surged more than 30% to $33, far outpacing bitcoin, ether and the broader crypto market, as trading activity on the platform accelerates.
- The token rally represents the merging of traditional assets with the crypto world, according to Hyperion DeFi, which is a HYPE treasury company.
- Originally a crypto perpetuals exchange, Hyperliquid has expanded into tokenized trading of equity indices, individual stocks, commodities and major fiat pairs via its HIP-3 upgrade.
Top Stories
