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Bitcoin Stabilizes Around $46K After Sell-off; Resistance at $50K
Upside appears to be limited despite short-term relief buying.
Por Damanick Dantes
Bitcoin is stabilizing around the 200-day moving average at $46,000 after a sharp sell-off on Tuesday. The cryptocurrency is down about 8% over the past 24 hours, with sellers in control of the $50,000 resistance zone.
Upside momentum has slowed over the past month, although buyers were able to defend support around the $42,000 breakout level achieved Aug. 6. Buying could be limited, however, as overhead resistance remains strong around the $55,000-$60,000 range.
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- The relative strength index (RSI) on the four-hour chart is the most oversold since the August 6 breakout above $42,000. This could encourage buyers to return around current support levels.
- However, upside appears to be limited as the RSI on the daily chart is declining from overbought levels last month.
- A lower price high from April is likely as volatility returns this month, limiting buyer strength in the aftermath of Tuesday’s selloff.
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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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