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Bitcoin Oversold at Support, Resistance at $47K
Bitcoin is the most oversold in two months as buyers defend $40K support.
Updated May 11, 2023, 4:33 p.m. Published Sep 22, 2021, 11:17 a.m.
Bitcoin is holding support at above $40,000, which could stabilize the pullback and encourage short-term buyers to return. But upside appears to be limited, given strong resistance at around $47,000-$50,000.
The cryptocurrency was trading at about $42,000 at press time and is down 2% over the past 24 hours.
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- The relative strength index (RSI) on the daily chart is the most oversold since July 20, which preceded a nearly 60% short-squeeze rally from the $30,000 support level.
- On the weekly chart, however, the RSI is neutral, suggesting prices could consolidate for a few more days.
- For now, BTC found support at its 100-day moving average of around $40,000. If broken, lower support is seen at around $37,500, which is the middle of a four-month price range.
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What to know:
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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