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Bitcoin Under Pressure; Support at $27K-$30K
BTC's breakdown is confirmed and upside appears limited.
Updated May 11, 2023, 3:52 p.m. Published May 9, 2022, 4:48 p.m.
Bitcoin (BTC) confirmed a break below its short-term uptrend and is now targeting lower support at $27,000 and $30,000. Sellers could remain active given the loss of upside momentum on the daily, weekly and monthly charts.
BTC was trading around $32,200 at press time and is down 6% over the past 24 hours and 15% over the past week.
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Further, bitcoin is roughly 50% below its all-time high near $69,000, achieved in November of last year, compared to an 80% peak-to-trough decline during the 2018 crypto bear market. At this point, price action does not indicate a major cycle low.
The relative strength index (RSI) on the daily chart is the most oversold since Jan. 24, which preceded a relief rally. This time, however, BTC is at risk of breaking below its year-long price range, which means buyers could continue to take profits on short-term recoveries.
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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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