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Bitcoin Stabilizes at Support; Faces Resistance at $45K
BTC held support around $30K and upside appears limited towards $45K with high volatility into the weekend.
Updated Mar 6, 2023, 3:30 p.m. Published May 21, 2021, 11:47 a.m.
Bitcoin (BTC) is in recovery mode after a sharp correction this week. The cryptocurrency held support near $30,000 and was trading around $40,000 at press time. Volatility should remain high into the weekend and next week with upside limited towards $45,000 resistance.
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- The relative strength index (RSI) on the daily chart is oversold, which could keep buyers active at support levels.
- Bitcoin returned above the 100-day moving average, which should stabilize selling pressure.
- The broader uptrend is weakening but price will have to stay above $40,000 to maintain a bullish outlook.
- Resistance is seen around the 50-day volume-weighted moving average around $45,000, which could limit price recoveries over the short term.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
Lo que debes saber:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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