Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

BTC Recovers, Crosses $40K Resistance, but Is It Overbought?

Published 08/01/2021, 08:53 AM
Updated 08/01/2021, 09:00 AM
© Reuters.  BTC Recovers, Crosses $40K Resistance, but Is It Overbought?

  • After last monday’s 10% pullback, BTC is recovering and has crossed $40,000.
  • Fear that the currency is overbought is alarming investors.
  • However RSI seems to be adjusting itself.

The air is tense; emotions are high; Bitcoin is rallying up for another bull run. Following Monday’s 10% pullback, BTC is back in the game and has surpassed the $40,000 resistance level.

As of now, the resistance level stands at $42,692. Almost two weeks back, Bitcoin touched its support level of $29,088 and has started on an upward rally since.

Among the bullish sentiment, fear that the currency is overbought also exists. This could mean that a correction perhaps later next week could take place as well as triggering some profit taking after an almost 25% rise over the past week.

A chart of the crypto’s relative strength index (RSI) shows this better.

Continue reading on CoinQuora

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.