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Bitcoin Weakens Amid Slower Volume; Support Around $54K
Volume has significantly slowed over the past two weeks, which is typical of a consolidation phase and could lead to sharp price moves.
Updated Mar 6, 2023, 3:34 p.m. Published Apr 7, 2021, 11:15 a.m. 1 min read
Sellers remained active during Asia hours as bitcoin (BTC) trades below its 50-period volume-weighted moving average on the four-hour chart. Resistance around $60,000 has set the tone for profit taking, with lower support seen around $54,000.
- BTC has traded in a range between $50,000 and $60,000 over the past month and has since retraced about 20% of the rally from the March 25 price low.
- Volume has significantly slowed over the past two weeks, which is typical of a consolidation phase and could lead to sharp price moves.
- On the daily chart, trading volume peaked on Jan. 11 and has since declined despite the continued price rise. This indicates slowing upside momentum and is consistent with lower highs on the 14-day relative strength index (RSI) explained in previous posts.
- Selling pressure should continue to cap upside moves on intraday charts as buyers await stronger support around $54,000 and $50,000.
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