First Mover: Number of Bitcoin Holders Shoots to Record High, Data Show

PLUS: Bitcoin Struggles at Resistance; Support at $35K
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Technician's Take

by Damanick Dantes

Bitcoin Struggles at Resistance; Support at $35K

Bitcoin (BTC) approached resistance just below $40,000 on Monday as sellers were quick to return. The near 20% price rise from Sunday's low around $31,000 was short-lived as intraday charts registered overbought signals.

 

Bitcoin could find initial support around $35,000, although upside remains limited toward $40,000 resistance.

 

Four-hour bitcoin chart shows short-term support and resistance levels with RSI (Source: TradingView)

  • The relative strength index (RSI) is not yet oversold on the hourly chart which suggests further downside in bitcoin over the short-term.

  • The long-term uptrend is weakening, although the daily chart appears oversold for the first time since September 2020.

  • A decisive break above $40,000 is needed to resume the uptrend. For now, bitcoin remains in a corrective phase and does not appear exhausted on daily and weekly price charts.

  • The cryptocurrency was trading around $37,000 at the time of writing and is down about 13% over the past seven days.

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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. 

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