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Bitcoin Extends Pullback Toward $40K-$43K Support
BTC broke below a monthlong uptrend.
Updated May 11, 2023, 3:35 p.m. Published Apr 6, 2022, 6:08 p.m.
Bitcoin (BTC) remains in pullback mode after failing to break above the $48,000 resistance level last week.
The cryptocurrency was trading at around $43,900 at press time and could find support at $40,000-$43,000.
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BTC is down 4% over the past 24 hours, which is less than some popular alternative cryptocurrencies (altcoins), indicating a lower appetite for risk among crypto traders.
On intraday charts, BTC broke below a monthlong uptrend. That means short-term sellers are in control, especially after the breakout level of around $45,000 was rejected on Tuesday.
Recent breakdowns on the charts have confirmed negative momentum signals, although pullbacks appear to be limited. For now, the broader recovery from January lows remains intact.
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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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