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Bitcoin Maintains Trend Support at $56K, All-Time High Within Reach Around $61K
The month-long uptrend from $43,000 remains intact, although longer-term signals are weakening.
Updated Mar 6, 2023, 2:57 p.m. Published Mar 19, 2021, 11:27 a.m.
The short-term uptrend for bitcoin (BTC) is improving, with next resistance at the March all-time high around $61,000. Traders continue to experience choppy price action on intraday charts, but buyers remained active at trend support around $56,000.
STORY CONTINUES BELOW
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- Bitcoin is currently battling resistance from its February price high around $58,000 while lower support levels continue to attract buyers.
- The month-long uptrend from $43,000 remains intact, although longer-term signals are weakening.
- Momentum on the daily chart continues to diverge from price, defined by lower highs on the relative strength index (RSI).
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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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