As the US stock market, which plummeted the day before, rebounded due to concerns about the potential default of the Hengda Group, Bitcoin appears to be receiving some support.
At 10:35 a.m. New York time on the 21st, Bitcoin pointed to $42,688.76, down 2.75% from 24 hours ago on CoinMarketCap. Bitcoin’s recent 24-hour highs were at $44,160.32 and lows of $44,68.33.
According to CoinDesk, the Relative Strength Index (RSI) of the Bitcoin 4-hour chart has retreated deep into the oversold zone. This usually precedes a short-term price rebound.
Bitcoin’s primary resistance was pointed out at the 100-period moving average of the 4-hour chart (about $47,000) and the next resistance at $50,000, where buyers continue to take profit.
*Image source: CoinDesk, TradingView
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