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Bitcoin Enters Resistance Zone Between $40K-$45K
BTC appears to be overbought on intraday charts.
Updated May 11, 2023, 3:44 p.m. Published Mar 9, 2022, 6:50 p.m.
Bitcoin (BTC) rallied as much as 10% over the past 24 hours as buyers reacted to short-term oversold readings.
Resistance, or the pointwhere an uptrend is expected to pause temporarily due to a concentration of supply, at around the $40,000-$45,000 price zone could stall the current upswing, similar to what occurred last week.
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The relative strength index (RSI) on the four-hour chart is oversold, which typically precedes a brief pullback in price. On the daily chart, however, the RSI is neutral, suggesting that lower support around $37,000-$40,000 could stabilize pullbacks into the Asia trading day.
For now, bitcoin remains in a tight trading range, although downside momentum has slowed over the past two months. That means bulls could remain active at short-term support levels.
BTC was trading near $42,000 at press time and is down 3% over the past week.
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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.
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- 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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