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Bitcoin Fades From Resistance; Support at $37K-$40K
Pullbacks could be limited over the short term.
Updated May 11, 2023, 3:57 p.m. Published Mar 21, 2022, 6:06 p.m.
Bitcoin (BTC) is consolidating around the $41,000 price level amid declining trading volume.
The cryptocurrency is roughly flat over the past 24 hours, and pullbacks could be limited toward a strong support base at $37,000.
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Further, the relative strength index (RSI) on the four-hour chart is declining from overbought levels, which reflects a loss of upside momentum. On the daily chart, the RSI is holding above the 50 neutral mark, which means buyers could remain active at lower support levels.
On the weekly chart, technical indicators are improving, similar to what occurred in August 2021, which preceded a 60% price rally. This time, however, there is negative momentum on the monthly chart, which typically precedes rangebound or negative price action. That means upside could be limited around the $46,000-$50,000 resistance zone.
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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.
Що варто знати:
- 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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