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Bitcoin Oversold Bounce Faces Resistance at $40K-$43K
Long-term momentum remains very weak and BTC is at a critical point.
Updated May 11, 2023, 5:13 p.m. Published Jan 26, 2022, 7:33 p.m.
Bitcoin (BTC) rose from deeply oversold levels over the past two days, indicating renewed buying after a sharp sell-off. The cryptocurrency faces initial resistance at $40,000-$43,000, which could stall the current price bounce.
BTC was trading around $38,000 at press time and is up 4% over the past 24 hours.
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The relative strength index (RSI) on the daily chart is rising from extreme oversold levels, which could keep buyers active this week. On the weekly chart, the RSI is approaching oversold territory, similar to July 2021, which preceded a strong price rally.
Still, momentum signals remain very weak, indicating limited upside from here. That means buyers will need to make a decisive move above $40,000 to signal a recovery phase.
For now, the downtrend from November remains intact with immediate support at $37,000 and lower support at $30,000.
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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.
Yang perlu diketahui:
- 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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