First Mover: Amid New Price Highs, Ether Flips Bitcoin on Options Volume

PLUS: Bitcoin Stabilizes After Pullback; Faces Resistance At $58K
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Technician's Take

by Damanick Dantes

Bitcoin Stabilizes After Pullback; Faces Resistance At $58K

Bitcoin (BTC) declined about 5% during Asia hours as buyers took profit near the $58,000 resistance level. The cryptocurrency was trading around $56,200 at the time of writing. Price recoveries remain limited around $58,000 and $60,000 as long-term momentum slows. 

Hourly bitcoin chart shows support and resistance levels with RSI (Source: TradingView)

  • BTC held support around the 50-period volume weighted moving average on the four-hour chart, similar to April 29, which preceded a near 10% price rally.

  • However, a pattern of lower highs on the four-hour relative strength index (RSI) suggests continued selling on rallies.  

  • Bitcoin returned below the 50-day moving average and has traded within a tight range since the April 17 sell-off. Lower support is seen around $52,000 which could settle additional profit taking.

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Digital Dollar in Focus: Accenture and Former CFTC Chair Team Up to Launch Pilots; Ether Record High

While crypto markets soar with Ether leading the way, today also brings news of new development in the digital dollar research project. Former CFTC Chairman Chris Giancarlo and Accenture's Senior Managing Director David Treat join "First Mover" to discuss their new partnership to launch digital dollar pilots. Also, CrossTower's Martin Gaspar joins our crypto markets discussion, and Alchemy's Nikil Viswanathan discusses its $80M raise to chase Amazon in the lucrative web services space.

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