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BTC
$84,278.68
-
0.81%ETH
$1,609.38
-
1.90%USDT
$0.9999
-
0.00%XRP
$2.1168
-
2.03%BNB
$582.75
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0.78%SOL
$127.88
-
2.00%USDC
$0.9999
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0.00%TRX
$0.2497
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1.46%DOGE
$0.1552
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3.49%ADA
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$12.31
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5.10%AVAX
$19.42
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4.88%XLM
$0.2377
-
0.99%TON
$2.9354
+
3.59%SHIB
$0.0₄1182
-
2.77%SUI
$2.1090
-
5.15%HBAR
$0.1595
-
4.68%BCH
$322.73
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1.46%LTC
$74.93
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2.88%Bitcoin Declines; Approaching Lower Support at $42K
Bitcoin will need to remain above $40,000-$42,000 in order to resume the uptrend towards $50,000-$55,000.
Bitcoin (BTC) sellers were active over the past few days as short-term overbought signals appeared on the charts. The world’s largest cryptocurrency by market value was trading around $44,000 support at press time and is down about 2% over the past 24 hours.
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The next level of support is seen at the $42,000 breakout level, which could stabilize the pullback.
- The relative strength index (RSI) is approaching oversold levels on the four-hour chart, similar to Aug. 3, which preceded a price bounce.
- On the daily chart, the RSI is neutral after reaching overbought levels over the past two weeks.
- Bitcoin will need to remain above $40,000-$42,000 in order to resume the uptrend towards $50,000-$55,000.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
