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Bitcoin Holds Support, Faces Resistance at $60K
The virtual currency is approaching its resistance level.
Updated Mar 6, 2023, 2:54 p.m. Published May 3, 2021, 11:26 a.m.
Bitcoin (BTC) held support around $56,000 during the weekend and was trading at around $58,700 at the time of writing. The next resistance level of about $60,000 is within reach.
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- The relative strength index (RSI) is now overbought on the hourly chart, although it is not as extreme as it was on May 1 or April 14, which preceded price declines.
- Bitcoin is holding support at the 100-period moving average on the hourly chart. The moving average has been sloping upward for about a week, which points to an improving short-term trend.
- On the daily chart, bitcoin is also above the 50-day and 100-day moving averages and is not yet overbought. Slowing momentum on the weekly chart, however, suggests buyers are still taking profit on rallies.
- For now, BTC is approaching the next level of resistance of $60,000, which triggered short-term overbought conditions during the past few months.
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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.
Cosa sapere:
- 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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