The last month was pretty volatile for Bitcoin BTC, but things are changing as the downside momentum starts to wane.
During the Asian trading hours, BTC investors and buyers were vigorous as the withdrawals remained narrowed down to the $40K support level. Primary resistance (as seen in the chart above) is observed at the level of $45K, which could further cap upside in the coming time, but for not so long.
If we take a look at the past week’s data, Bitcoin is down over 3% as it was trading around $42900 at press time. With the downside momentum diminishing, we can say that buyers will remain active within a range between $40K support and $50K resistance.
The four-hour chart shows the Relative Strength Index (RSI) to increase from severely oversold levels last week, showing that the value finally stabilizes after a volatile month. On the other hand, the hourly chart shows that the RSI is declining from overbought ranges. It concludes that the intraday traders are beginning to get some proceeds. However, Bitcoin’s support at $40K-$42K will become stable after a brief pullback.
Meanwhile, after the China crackdown on mining activities, Iran has become the hub for BTC mining. Click here to read more!