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Bitcoin Recovering Between $40K Support and $46K Resistance
BTC trading volume is ticking higher as buyers defend intraday support levels.
Updated May 11, 2023, 6:24 p.m. Published Feb 9, 2022, 7:52 p.m.
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Bitcoin (BTC) is recovering from a slight pullback on Wednesday as buyers maintain intraday support levels. The cryptocurrency was trading around $44,600 at press time and could face resistance at $46,800.
BTC is up 3% over the past 24 hours and spot trading volume is starting to rise, albeit still below January highs, according to CoinDesk data.
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For now, technical indicators are improving and do not signal extreme overbought conditions. That could keep buyers active into the Asian trading day so long as immediate support at $42,000 holds.
The downward sloping 50-day moving average, currently at $42,689 is gradually turning upward, which could indicate a bullish shift. Still, upside appears limited given negative momentum on longer-term charts.
UPDATE (Feb. 9 20:05 UTC): Corrects day of the week in first paragraph.
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