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Support CenterNewsCryptocurrency Market Continues Tumbling as Bitcoin Drifts Lower and Risks Testing $40K Support
Cryptocurrency Market Continues Tumbling as Bitcoin Drifts Lower and Risks Testing $40K Support
2021/12/14 10:48:25



A breakdown could damage the intermediate-term trend despite oversold signals. Bitcoin (BTC) remains under pressure as buyers failed to break above $50,000 over the past week.


The cryptocurrency is down about 6% over the past 24 hours and was trading around $47,300 at the time of publication.


Immediate support is seen at the 200-day moving average (around $46,700), which is also the bottom of a weeklong price range. Given negative momentum signals, however, Bitcoin is at risk of breaking below support, which could damage the intermediate-term trend.


For now, the relative strength index (RSI) is the most oversold since May, which could encourage short-term buying. Still, upside appears to be limited toward the $50,000 resistance level.


If a breakdown occurs, the next level of support is seen around $40,000, which could stabilize the decline.

(Article Courtesy of CoinDesk)



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