Share this article
Bitcoin Drifts Lower, Risks Testing $40K Support
A breakdown could damage the intermediate-term trend despite oversold signals.
Updated May 11, 2023, 6:27 p.m. Published Dec 13, 2021, 7:20 p.m. 1 min read
Bitcoin remains under pressure as buyers failed to break above $50,000 over the past week.
The cryptocurrency is down about 6% over the past 24 hours and was trading around $47,300 at the time of publication.
Immediate support is seen at the 200-day moving average (around $46,700), which is also the bottom of a weeklong price range. Given negative momentum signals, however, bitcoin is at risk of breaking below support, which could damage the intermediate-term trend.
For now, the relative strength index (RSI) is the most oversold since May, which could encourage short-term buying. Still, upside appears to be limited toward the $50,000 resistance level.
If a breakdown occurs, the next level of support is seen around $40,000, which could stabilize the decline.
Más para ti
The S&P 500 posted its longest weekly winning streak since 2023 and Brent oil stabilized near $92 on US-Iran ceasefire hopes. The biggest cryptocurrencies still drifted lower, with Hyperliquid's HYPE the only major name to rally.
Lo que debes saber:
- U.S. stocks and oil rallied, with the S&P 500 logging a ninth straight weekly gain and Brent crude hovering near $92 a barrel on hopes for a U.S.-Iran ceasefire extension.
- Major cryptocurrencies lagged the macro rally, with bitcoin, ether and other large-cap tokens falling around 2% to 6% amid cooling...
Top Stories
