Share this article
Bitcoin Holds Short-Term Support; Faces Resistance at $36K
Oversold readings suggest limited upside for BTC toward $36K.
Updated Mar 6, 2023, 2:50 p.m. Published Jun 9, 2021, 11:26 a.m.
Bitcoin (BTC) held support at $31,000 on Tuesday and now faces resistance near $36,000. The cryptocurrency was trading at about $34,500 at press time.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The sell-off over the past week is now stabilizing as buyers respond to oversold conditions. Any upside appears to be limited, however, as bitcoin consolidates within a tight trading range.
- The relative strength index (RSI) on the four-hour chart registered an oversold signal on Tuesday, which preceded a 4% price rise.
- Bitcoin is attempting to break above a series of lower price highs over the past week. And since the RSI is not yet overbought, buyers could remain active toward $36,000.
- Resistance is seen at the 100-period moving average on the four-hour chart. The slope of the moving average is flattening, which suggests the downtrend from May is stabilizing.
More For You
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.
Top Stories
