Share this article
Bitcoin Dips Below $46K, Support Around $42K
Upside appears to be limited given signs of slowing momentum.
Updated May 11, 2023, 6:35 p.m. Published Sep 13, 2021, 2:51 p.m.
Make us preferred on Google
Bitcoin continues to fade after last week’s sell-off from the $52,000 resistance level. Buyers were unable to hold support at the 200-day moving average around $46,000, although the pullback could stabilize around the $42,000 breakout level achieved in early August.
The long-term uptrend is weakening as sellers attempt to establish a lower price high since April. Upside appears to be limited given signs of slowing momentum and resistance around $50,000-$55,000.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The relative strength index (RSI) on the four-hour chart is rising from oversold levels over the past few days.
- Buyers could return near $42,000 support, although resistance around $48,000 could limit price rises.
- BTC is trading within a tight range, which means price is consolidating after a nearly 15% decline over the past week.
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
Gold's six-month rally versus bitcoin shows similarities to the 2019 cycle
The bitcoin-to-gold ratio rebounded from recent lows, mirroring a pattern seen in the 2019-2020.
What to know:
- Bitcoin is on track for a sixth consecutive red monthly candle against gold, a pattern last seen in 2019/20.
- The bitcoin-to-gold ratio has rebounded to around 16.3 after briefly falling to 15.5 as gold and silver declined more sharply than bitcoin over the past 24 hours.
- A potential bottom in the ratio would not necessarily signal bitcoin strength, but could instead reflect continued underperformance in gold relative to bitcoin
