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Bitcoin Upside Fades, Lower Support at $34K
BTC faces slowing momentum as buyers struggle at resistance.
Updated Mar 6, 2023, 3:40 p.m. Published Jun 16, 2021, 11:18 a.m.
Bitcoin (BTC) has traded sideways over the past two days as buyers face resistance at $40,000. Slowing momentum on intraday charts suggests an initial pullback toward $38,000, although stronger support is seen at $34,000.
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Bitcoin was trading at around $39,200 at press time and is up about 7% over the past seven days.
- The relative strength index (RSI) on the hourly chart registered a series of lower highs over the past few days. That reflects slowing momentum behind the latest price jump.
- For now, the 100-period moving average on the hourly chart is sloping upward, which indicates an improving short-term trend. Buyers will need to defend support above $34,000 in order to maintain a period of stabilization after May’s sell-off.
- Further upside appears to be limited as intraday charts shake off overbought conditions. The daily chart is still in recovery mode with minor signs of downside exhaustion.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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