Share this article
Bitcoin Rises Above $37K; Resistance at $40K-$43K
A decisive break above $40K is needed to pause the downtrend from November.
Updated May 11, 2023, 3:39 p.m. Published Jan 25, 2022, 7:21 p.m.
Bitcoin (BTC) buyers remain active, pushing the cryptocurrency over $37,000, which is near the top of week-long price range. Still, upside could be limited around the $40,000-$43,000 resistance zone over the short term.
BTC was trading at $37,500 at press time and is up 3% over the past 24 hours.
STORY CONTINUES BELOW
Не пропустіть жодної історії.Підпишіться на розсилку Crypto Daybook Americas вже сьогодні. Переглянути всі розсилки
The relative strength index (RSI) on the four-hour chart triggered an oversold signal on Jan. 22, which preceded the latest price bounce. On the daily chart, the RSI is starting to rise from extreme oversold levels, which could stabilize the current sell-off.
Initial resistance is at the 100-day moving average on the four-hour chart, positioned at $40,600. Buyers will need to make a decisive move above that level to pause the downtrend from November.
More For You
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.
Top Stories
