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Bitcoin Faces Resistance Above $62K After Record Weekly Close
Bitcoin has gained more than 40% this month on speculation the SEC will approve an exchange-traded fund.
Updated May 11, 2023, 6:43 p.m. Published Oct 18, 2021, 11:10 a.m.
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Bitcoin ended Sunday (UTC) well above $61,000, confirming its highest weekly close and putting the lifetime price record of $64,801 on the map.
So far, the follow-through has not been impressive. The cryptocurrency was trading near $61,300, having faced rejection around $62,600 early today.
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- Since Friday, buyers have failed several times to establish a foothold above $62,000. That, coupled with the lower highs on the relative strength index (RSI), indicates scope for a temporary price pullback.
- Failure to defend Sunday’s low of $58,943 may bring stronger selling pressure.
- However, optimism stemming from the U.S. Securities and Exchange Commission’s tacit approval of a bitcoin futures-based exchange-traded fund is likely to keep the cryptocurrency well supported on price dips.
Also read: CME Sees Record Open Interest in Bitcoin Futures Ahead of ETF Debut
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