Bitcoin has traded mostly sideways over the past two weeks, prompting some traders to consider alternative cryptocurrencies such as ether for greater profit potential.“Our models are still full risk-on ETH (whereas our bitcoin model started reducing exposure last week) but we are starting to see some slowing in conviction buying,” Ben McMillan, chief investment officer at quantitative research firm IDX Insights, wrote in a research report.BTC’s price has been roughly flat over the past week, compared with a 4% rise in ETH and a 23% rise in Solana’s SOL token over the same period.“Investors are likely looking for the next catalyst for another leg higher, but the absence of such is likely to leave bitcoin vulnerable to a break below $60,000,” … [Read More...]

Bitcoin (BTC) buyers are exiting positions as overbought signals appear on the charts. Resistance is seen at around $58,000-$60,000, the level that preceded a price drop in May. This time, however, pullbacks could be limited toward the $50,00-$52,000 support zone.BTC was trading at around $55,600 at press time and is down 3% over the past 24 hours.The relative strength index (RSI) on the four-hour chart is declining from overbought levels last week, which suggests the current pullback could extend into Asian trading hours.The RSI is also overbought on the daily chart similar to early September before a price correction occurred.For now, immediate support is seen at the 50-period moving average on the four-hour chart, which is at $54,000. Short-term … [Read More...]

Bitcoin (BTC) buyers were active during Asian trading hours as pullbacks remain limited to the $40,000 support level. Initial resistance is seen at around $45,000, which could cap further upside over the short term.BTC was trading at about $42,900 at press time and is down 3% over the past week. Downside momentum is starting to wane, which could keep buyers active, albeit within a range between $40,000 support and $50,000 resistance.The relative strength index (RSI) on the four-hour chart continues to rise from extreme oversold levels last week, suggesting that the price is starting to stabilize after a volatile month.The RSI on the hourly chart, however, is declining from overbought levels. That means intraday buyers are starting to take some profits, although support … [Read More...]