Bitcoin Price Drop Momentum Seems To End - Receives Support At $45k.

Bitcoin Price Drop Momentum Seems To End - Receives Support At $45k.

2021-12-04 | Eddy Morgan

Bitcoin Price Drop Momentum Seems To End - Receives Support At $45k.

Bitcoin (BTC) traders are active now after a recent price dump rally followed by over $2.5 Billion liquidations, pushing the cryptocurrency toward the bottom of its weeklong price range. Lower support at about $45k could stabilize the current withdrawals. BTC was trading at around $47,160 at the reporting time and is down over 20% within the past 24 hours. Bitcoin Price Drop Momentum Seems To End - Receives Support At $45k.

Bitcoin Price Chart - Source: CoinMarketCap

Upside momentum seems to be slowed for the next 24 hours as per hourly price charts, which means the upside could be limited toward $48k resistance. For now, the intermediate-term uptrend remains complete given the upward leaning 100- day moving average. Additionally, the relative strength indicator (RSI) on the daily chart is just below the neutral zone, although buying has been weak following an oversold situation recorded earlier on 26th November.

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