Share this article
Bitcoin Stalls at Support, Resistance at $50K
Upside momentum is slowing into the weekend, which can limit price rises.
Updated May 11, 2023, 5:20 p.m. Published Sep 10, 2021, 11:33 a.m.
Make us preferred on Google
Bitcoin is roughly flat over the past 24 hours, settling near the $46,000 support level. Upside appears to be limited towards $50,000 resistance as momentum slows into the weekend.
The sell-off is stabilizing, leaving BTC down about 7% over the past week. Buyers will need to defend support above the $42,000 breakout level to resume the relief rally from July.
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 daily chart continues to decline from overbought levels over the past month.
- The current neutral reading on the RSI is similar to June and July, which occurred during consolidation phase.
- Resistance remains strong between $50,000 and $55,000, as the nearly 70% price rally from $30,000 in July appears to be exhausted.
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
Meta and Microsoft continue going big on AI Spending. Here's how bitcoin miners could benefit
In its fourth quarter earnings report, Meta said capital spending plans for 2026 should be in the range of $115-$135 billion, well ahead of consensus forecasts.
What to know:
- Fourth-quarter earnings results from Microsoft (MSFT) and Meta (META) suggested no slowdown in AI-related spending.
- Microsoft highlighted that AI is now one of its largest businesses and pointed to long-term growth.
- Meta projected sharply higher capital spending in 2026 to fund its Meta Super Intelligence Labs and core business.
Top Stories
