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Bitcoin Rises Above $43K; Resistance at $45K-$48K
The sell-off appears exhausted as buyers attempt to reverse a short-term downtrend.
Updated May 11, 2023, 6:27 p.m. Published Jan 12, 2022, 7:32 p.m.
Bitcoin (BTC) buyers held support around $40,000 as oversold signals appeared on the charts.
The recent bounce suggests the cryptocurrency is starting to recover after a near-30% decline from its all-time high around $69,000 in November.
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The relative strength index (RSI) on the four-hour chart is approaching overbought levels, similar to what occurred in late December, which preceded a brief pullback. The RSI on the daily chart, however, continues to rise from oversold levels, which means buyers could remain active on price dips.
Still, given the short-term downtrend, upside appears limited toward the $45,000-$48,000 resistance zone. And on weekly and monthly charts, momentum signals remain negative, which means price rises could be limited for now.
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Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
What to know:
- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
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