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Bitcoin Stabilizes Around $46K After Sell-off; Resistance at $50K
Upside appears to be limited despite short-term relief buying.
Updated May 11, 2023, 6:35 p.m. Published Sep 8, 2021, 4:34 p.m.
Bitcoin is stabilizing around the 200-day moving average at $46,000 after a sharp sell-off on Tuesday. The cryptocurrency is down about 8% over the past 24 hours, with sellers in control of the $50,000 resistance zone.
Upside momentum has slowed over the past month, although buyers were able to defend support around the $42,000 breakout level achieved Aug. 6. Buying could be limited, however, as overhead resistance remains strong around the $55,000-$60,000 range.
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- The relative strength index (RSI) on the four-hour chart is the most oversold since the August 6 breakout above $42,000. This could encourage buyers to return around current support levels.
- However, upside appears to be limited as the RSI on the daily chart is declining from overbought levels last month.
- A lower price high from April is likely as volatility returns this month, limiting buyer strength in the aftermath of Tuesday’s selloff.
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Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
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