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Bitcoin Holds Support; Next Resistance at $50K
Buyers could remain active on pullbacks this week as bitcoin cleared important technical levels.
Updated Mar 6, 2023, 3:39 p.m. Published Aug 9, 2021, 11:25 a.m.
Bitcoin (BTC) rallied above $45,000 as upside momentum improved over the past two weeks. The next level of resistance is seen at $50,000, which could limit further upside given short-term overbought signals. Bitcoin is up about 2% over the past 24 hours – around $45,600 at press time and holding support above $40,000.
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- The relative strength index (RSI) on the daily chart is overbought for the second time since July 31, which preceded a near-10% price decline.
- However, the weekly RSI is rising from neutral levels with a positive momentum signal for the first time since October 2020, which reignited the long-term uptrend.
- Buyers could remain active on pullbacks this week as bitcoin cleared important technical levels such as the 100-day moving average.
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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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