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Bitcoin Holding Above $40K, Resistance at $46K
The four-month-long downtrend could be nearing an end.
Von Damanick Dantes
Bitcoin (BTC) buyers remain active after maintaining support at $37,000 over the past two weeks. The cryptocurrency is up 7% over the past week and could see further upside toward the $43,000-$46,000 resistance zone.
BTC was trading at around $41,500 at press time and is up 2% over the past 24 hours.
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Short-term momentum signals have turned upward, especially after a downside exhaustion signal appeared on March 7. Further, the relative strength index (RSI) on the daily chart is rising above oversold levels (above 50), suggesting the four-month-long downtrend in price is nearing an end.
Still, there is significant overhead resistance on the charts, which could stall the current price bounce.
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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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