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Bitcoin Momentum Strengthens Despite Short-Term Pause
BTC is holding support, similar to what occurred in late March before a 16% price rise.
Updated May 11, 2023, 6:14 p.m. Published Apr 21, 2022, 6:03 p.m.
Bitcoin (BTC) generated a positive momentum signal on the daily price chart, similar to what occurred in late March. That suggests buyers could remain active toward the $46,700 resistance level.
The cryptocurrency was trading around $41,900 at press time and is up 4% over the past week.
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The relative strength index (RSI) on the four-hour chart is declining from overbought levels, which typically occurs during a brief pullback in price. Still, support at $40,000 could maintain BTC's recovery phase.
Initial resistance is seen at $42,400, where sellers were active earlier in the New York trading day. On the daily chart, however, the RSI is rising from oversold levels with stronger momentum, indicating a rise in bullish sentiment.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
What to know:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
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