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Bitcoin Stabilizes After Sell-off, Resistance Seen Around $56K
For now, bitcoin continues to hold long-term trend support above $50,000, with lower support around $42,000.
Updated Mar 6, 2023, 3:09 p.m. Published Mar 25, 2021, 11:33 a.m.
The near 10% sell-off in bitcoin (BTC) during Asian hours has stabilized around $52,000. Bitcoin is now oversold on the four-hour chart, which could support a slight recovery towards $56,000.
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- The last oversold reading on the relative strength index (RSI) resulted in a near 7% rise in BTC on March 22. However, the move was short-lived as sellers were active around the $56,000 resistance level.
- Bitcoin is now roughly 10% below its break of trend support on the four-hour chart and has erased about 50% of its rally from the Feb. 28 price low.
- For now, bitcoin continues to hold long-term trend support above $50,000, with lower support around $42,000.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
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- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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