Bitcoin Holds Parallel-Channel Support as S&P 500 Futures Fall Nearly 1%

Bitcoin (BTC) was holding support at the bottom of a parallel price channel after giving back gains made Tuesday and into Wednesday. S&P 500 futures were nearly 1% lower during the move. If the channel support fails, the next horizontal levels are $81,000 and $80,300. On the daily chart, BTC had slipped below the boundary between two parallel channels, near its 50-day simple moving average. Momentum signals were mixed. Stochastic RSI indicators were bottoming, while the relative strength index had returned to a descending trend line drawn over roughly the past month. On the weekly chart, the 50-week simple moving average was becoming less steep. The chart levels leave the pullback’s direction unresolved, with attention on whether BTC stays near the channel floor and nearby support.

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