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Bitcoin Holds Support Above $60K, Pushes Back Toward All-Time High
Upside momentum is improving with seasonal strength in the fourth quarter.
Updated May 11, 2023, 4:29 p.m. Published Oct 29, 2021, 5:41 p.m.
Bitcoin (BTC) is breaking above a short-term downtrend, which could support further upside toward the $65,000 resistance level. The all-time high around $66,900 is also within reach, although buyers struggled to sustain that level last week.
BTC has whipsawed over the past few days, which created choppy trading conditions. This is typical during a consolidation phase, especially after a near-50% price rally over the past month.
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As of press time the largest cryptocurrency by market capitalization was changing hands around $62,500, up 2.4% over the past 24 hours.
The relative strength index (RSI) on the daily chart is rising from neutral levels, which means the pullback in BTC’s price is starting to stabilize. However, the weekly RSI is approaching overbought levels, which typically precedes a pullback in price.
Overall, upside momentum is improving with seasonal strength in the fourth quarter. A confirmed breakout (two consecutive daily closes) above the all-time high would yield a measured move projection toward $86,000. On the other hand, an immediate price pullback could be limited around the $53,000 support level.
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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.
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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