Bitcoin (BTC) is declining from overbought levels, although buyers could remain active around $43K support. Sellers could remain active into the Asia trading day until oversold signals appear on intraday charts.Read MoreFeedzy
Bitcoin (BTC) is in pullback mode after sellers responded to resistance at $48,000. The cryptocurrency could find support at $43,000 into the Asia trading day, which could stabilize the down move.
BTC was trading around $45,800 at press time and is down 3% over the past 24 hours.
The relative strength index (RSI) on the daily chart is declining from overbought levels, which typically precede pullbacks in price. On the weekly chart, however, the RSI is neutral with positive momentum readings. That means buyers could remain active at lower support levels.
Still, BTC is attempting to break below a two-week long uptrend, similar to what occurred in early February, which preceded a brief price drop.
For now, buyers will need to maintain the breakout above $45,000 to yield an upside target toward $50,966.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
BitMEX is facing a proposed class action in the Southern District of New York seeking…
Bitcoin Magazine Morgan Stanley Bitcoin ETF Nearly Notches $400M in Assets Wall Street giant Morgan…
Poolin Technology has filed for Chapter 11 bankruptcy protection, setting up an orderly wind-down and…
Bitcoin Magazine State Department to Debut Freedom Tech Program with Bitcoin Policy Institute, Palantir as…
Elliptic has published a new report explaining how Bitcoin ATM scams work, and the most…
Michael Saylor's Strategy — under continued pressure in this crypto bear market — released a…