Bitcoin (BTC) remains under pressure after buyers failed to sustain a break above $45K last week. The cryptocurrency could stabilize around $38K-$40K support over the short-term. Still, upside momentum continues to fade, suggesting sellers are in control.Read MoreFeedzy
Bitcoin (BTC) pared earlier gains after sellers reacted to overbought conditions on the charts. Resistance between $44,000 and $46,000 capped upside moves over the past month, which contributed to price weakness.
BTC was trading at $41,000 at press time and is down 6% over the past 24 hours. Lower support at $38,000 and $40,000 could stabilize the current pullback into the Asia trading day.
The relative strength index (RSI) on the four-hour chart is oversold, similar to what occurred on Feb. 3, which preceded a 20% price jump. This time, however, the $46,000 resistance level could keep sellers active toward stronger support at $30,000.
Further, a series of higher price lows from Jan. 24 was broken on intraday charts, indicating a loss of upside momentum.
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.
The past week recorded a significant change in the Bitcoin price action, where there was…
The largest publicly traded corporate holder of bitcoin would need to buy roughly 6,158 BTC…
On-chain analytics firm Glassnode has highlighted how Bitcoin has only seen a relatively thin accumulation…
Bitcoin (BTC) made a notable recovery on Friday, witnessing a 4% surge that led the…
More than $246 million in crypto futures positions were wiped out in a single day…
The largest cryptocurrency is up 4.2% on the week despite Friday's reversal, with attention now…