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Bitcoin Stalls at Resistance; Could Face Lower Support at $56K
However, if BTC breaks below $57,000, buyers will likely wait to enter around lower support at $56,000.
Updated Mar 6, 2023, 2:47 p.m. Published May 10, 2021, 11:28 a.m.
Buyers continued to take profit around $59,000 after a near 5% rise in bitcoin (BTC) on Sunday. The cryptocurrency is currently at support, trading around $57,800 at the time of writing. Stronger support is seen around the $56,000 level.
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- Bitcoin is trading near the 100-period moving average on the hourly chart, which suggests profit taking could stabilize during the day.
- However, if BTC breaks below $57,000, buyers will likely wait to enter around lower support at $56,000.
- The relative strength index (RSI) on the hourly chart is not yet oversold, which means price could face further downside after failing to hold above $59,000 over the weekend.
- Bitcoin has retraced about 23% of the recovery from the May 4 low around $53,000. The cryptocurrency continues to consolidate within a broader uptrend.
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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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