Bitcoin Faces Resistance Level At $40k - Market Analysis.

Bitcoin Faces Resistance Level At $40k - Market Analysis.

2021-05-24 | Robin Williams

Bitcoin Faces Resistance Level At $40k - Market Analysis.

Bitcoin [BTC] remained struggling over the weekend as traders react to China’s latest news to strict cryptocurrency regulation. The crypto is down about 36% month-to-date and was trading around $37k at the time of reporting. Price recoveries should remain limited to $40k as the broader uptrend weakens. Slowing momentum has been the dominant theme this year as bitcoin did not maintain all-time highs. Future sell signals were in situ prior to headlines accelerated price declines, which preceded a gradual then sudden capitulation of long positions. The RSI on the 4-hour chart has struggled to interrupt above neutral over the past week. Within a downtrend, oversold readings can persist for extended periods, which suggests a scarcity of serious support levels. Bitcoin re-tested minor support around $30k over the weekend, but stronger support is seen around $27k. BTC is trading below the 100-day moving average and therefore the correction doesn't appear exhausted at present levels. This suggests sellers should remain active as bitcoin struggles to interrupt above the $40k benchmark. Bitcoin Faces Resistance Level At $40k - Market Analysis.

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