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Bitcoin Weighed Down by $48K Resistance; Support at $43K
Short-term momentum turned negative, which typically occurs during the first week of the month.
Updated May 11, 2023, 3:35 p.m. Published Apr 4, 2022, 6:17 p.m. 1 min read
Bitcoin (BTC) dipped below $46,000 on Monday, indicating a loss of upside momentum.
Price action was choppy over the weekend after buyers failed to approach the $48,000 resistance level. That points to continued price weakness, especially as momentum signals on the daily chart turned negative, similar to what occurred during the first week of February and March.
Support at $43,000 could stabilize the pullback, which is near the March 25 breakout level. Still, BTC will need to break above the 200-day moving average, currently at $48,286, in order to yield upside targets beyond the $50,966 resistance level.
For now, momentum signals remain positive on the weekly chart, which means downside could be limited.
BTC was trading around $45,200 at press time and is down 2% over the past 24 hours.
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Ether drops below $2,000 amid heavy selling pressure, yet futures open interest hits a record high. This divergences suggests aggressive shorting.
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- Ether has fallen below $2,000 for the first time since March amid rising risk aversion, with losses of nearly 8% over the past week.
- Open interest in ether futures has hit a record high even as prices drop, a combination that suggests aggressive leveraged selling and a bearish market tilt.
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