Bitcoin (BTC) extended its pullback, although nearby support at $40K could stabilize the down move. Stronger support is seen at the $37K breakout level, which buyers will need to maintain in order to sustain the price recovery.Read MoreFeedzy
Bitcoin (BTC) extended its pullback from the $45,000 resistance level, although initial support at $40,000 could stabilize the down move.
The cryptocurrency was trading at $42,200 at press time and is down 4% over the past 24 hours.
Buyers will need to keep BTC above the $37,000 breakout level to sustain the recovery phase. Further, if momentum builds, a decisive move above $46,000 could yield further upside targets toward $50,000.
Intraday charts are showing initial signs of downside exhaustion, which could encourage short-term buying into the Asian trading day.
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.
Bitcoin is up 4.2% over seven days that contained an oil shock, a bond selloff…
A sharp rise in the yen has left bitcoin and other major cryptocurrencies underperforming in…
At its last stage for government approval, the state's executive council rejected the bond project…
Bitcoin Magazine JPMorgan Says the Real Threat to Bitcoin Isn’t Strategy (MSTR) — It’s Private…
Redemption requests in the $2 trillion private credit market surged to $15.6 billion in the…
Bitcoin Magazine Bitcoin’s New Debt Machine is Facing Its First Major Test Public companies kept…