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Bitcoin Weighed Down by $46K Resistance; Support at $35K-$40K
Upside appears limited as buyers lose momentum.
Updated May 11, 2023, 4:59 p.m. Published Feb 14, 2022, 7:21 p.m.
Bitcoin (BTC) was roughly flat over the weekend as price momentum continued to slow.
The cryptocurrency remains stuck below the $46,000 resistance level, although lower support at $35,000 and $40,000 could stabilize pullbacks over the short term.
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The 50-day moving average was unable to demonstrate a positive slope over the past week, indicating continued selling strength. Indicators also approached overbought territory, which typically precede pullbacks in price, consistent with the downtrend since November.
For now, BTC upside appears to be limited as momentum signals remain negative on weekly and monthly charts.
Bitcoin was trading around $42,000 at press time and is down 3% over the past week.
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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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