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Bitcoin in Pullback Mode; Support Near $45K
Support above the $42K-$45K breakout should hold.
Updated Mar 6, 2023, 2:46 p.m. Published Aug 25, 2021, 11:11 a.m. 1 min read
Bitcoin (BTC) buyers continued to take profits during Asia hours as short-term overbought signals appeared on the charts. The cryptocurrency is trading around initial support at $47,500 at press time and is down about 3% over the past 24 hours. A lower support zone between $42,000-$45,000 could stabilize the pullback.
- The relative strength index (RSI) on the four-hour chart is approaching oversold territory similar to April 18, which preceded a price bounce.
- However, the RSI on the daily chart is declining from overbought levels as buyers struggled near the $50,000 resistance level.
- Bitcoin’s 30% rally over the past month appears to be exhausted, although support above the $42,000 breakout should hold.
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CNBC reported Tuesday that Musk is discussing a merger between Tesla and SpaceX that would tie his tech empire closer together and instantly create the world’s fifth-largest corporate bitcoin treasury, worth $3.3 billion.
What to know:
- Elon Musk is exploring a potential merger of Tesla and SpaceX, a move that would deepen operational overlap in areas such as power infrastructure and AI-related computing.
- A combined Tesla-SpaceX entity would control about 30,221 bitcoin, worth roughly $3.3 billion, making it the fifth-largest public corporate holder of the cryptocurrency.
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