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Bitcoin Approaches Resistance Near $50K-$55K
Upside momentum is strengthening on daily and weekly charts, which suggests buyers are in control.
Updated Mar 6, 2023, 3:20 p.m. Published Aug 23, 2021, 11:15 a.m.
Bitcoin (BTC) buyers were active over the weekend and defended support near the 200-day moving average at $45,000. The cryptocurrency was trading around $50,000 at press time and is will likely face resistance towards $55,000.
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The short-squeeze rally has lasted for about a month as bitcoin held $30,000 support and broke out of a consolidation phase above $42,000. BTC is up about 46% over the past 30 days despite recent signs of upside exhaustion.
- The relative strength index (RSI) is near overbought levels on the daily chart, which could encourage profit taking around resistance.
- Pullbacks should be brief given initial support near $45,000.
- Upside momentum is strengthening on daily and weekly charts, which suggests buyers are in control.
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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.
Що варто знати:
- 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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