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Bitcoin Stabilizes Above $40K Support; Resistance Near $45K
Buyers could respond to short-term oversold signals, although upside appears limited.
Updated May 11, 2023, 5:04 p.m. Published Jan 10, 2022, 7:37 p.m.
Bitcoin (BTC) selling pressure is starting to wane after last week’s price dip. The cryptocurrency is holding short-term support at around $40,000, although upside appears to be limited near $43,000-$45,000.
BTC is down about 2% over the past 24 hours, although the price action has been fairly muted over the past few days.
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The relative strength index (RSI) on the four-hour chart is rising from oversold levels, which typically precedes a brief price bounce. On the daily chart, the RSI is the most oversold since Dec. 10.
Upside momentum has weakened given BTC’s two-month long downtrend. This means sellers could remain active around resistance levels.
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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.
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- 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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