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Bitcoin Limited to $50K-$55K Resistance as Momentum Slows
Short-term buying could be limited given negative momentum on the weekly chart.
Автор Damanick Dantes
Bitcoin (BTC) sellers remain active despite signs of short-term support on the charts.
The cryptocurrency was trading around its 200-day moving average, currently at $46,000, and is roughly flat over the past week. Upside appears to be limited given strong resistance between $50,000-$55,000.
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On the daily chart, bitcoin registered a downside exhaustion signal, which suggests a short-term price bounce is likely. The relative strength index (RSI) is also oversold, which typically preceded price rises similar to what occurred in late September.
Still, the loss of upside momentum on the weekly chart is concerning. Multiple failed attempts at an all-time price high near $69,000 suggests the broader uptrend is weakening. BTC is at a critical juncture and remains vulnerable to another 20% price drop, assuming buyers are unable to hold current support levels.
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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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