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Bitcoin Consolidates Around Short-Term Support; Faces Resistance Near $42K
BTC is down about 3% over the past seven days as the price recovery from $30,000 stalls.
Updated Mar 6, 2023, 3:32 p.m. Published May 27, 2021, 11:22 a.m.
Bitcoin (BTC) has traded sideways over the past week as the correction phase stabilizes. The cryptocurrency held short-term support at $36,000 and was trading around $39,000 at the time of writing. Resistance is seen at the upper bound of the week-long range around $42,000.
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- Bitcoin is holding above the 100-period moving average on the hourly chart which suggests the short-term trend is improving.
- Immediate resistance is seen at $40,000 where buyers failed to sustain upside over the past few days. $42,000 is the next level of resistance which is around the 200-day moving average.
- Bitcoin is down about 3% over the past seven days as the price recovery from $30,000 stalls.
- Volatility has drifted lower since May 23, which is typical during price consolidation. Considering the sharp correction this month, lower volatility could encourage buyers to return at support levels.
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Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying
Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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