Share this article
Bitcoin Struggles Near $60K; Short-Term Support Around $58K
Bitcoin struggled near $60K again; support is nearby around $58K as buyers take some profit.
Updated Mar 6, 2023, 2:59 p.m. Published Apr 12, 2021, 11:20 a.m. 1 min read
Over the weekend, bitcoin (BTC) tested resistance around $61,000 twice before sellers gained control. Bitcoin’s struggle near its all-time high has been a consistent theme since February as the uptrend consolidates. Initial support is around $58,000 on the four-hour chart.
- BTC held support around $50,000 on March 25 after retracing nearly 50% of its rally from the Feb. 28 price low.
- Since then, BTC’s near 19% rally has stabilized, breaking above a series of lower price highs from April 1 and holding support from the 200-period moving average.
- The cryptocurrency is now overbought, defined by its relative strength index (RSI) on the four-hour chart.
- Previous overbought signals have preceded 5%-10% declines over the past month and have all occurred near $58,000-$60,000 resistance areas.
- A decisive break above $60,000 is needed to reignite the broader uptrend. For now, short-term buyers remain active at higher support levels since February.
Plus pour vous
Fund manager Michael Kramer says a $150 billion liquidity drain from upcoming U.S. Treasury operations could push bitcoin sharply lower.
Ce qu'il:
- Michael Kramer of Mott Capital Management warns that upcoming U.S. Treasury operations could drain about $150 billion in liquidity, potentially deepening bitcoin's price selloff.
- He argues that bitcoin acts as a leading liquidity indicator and has already broken key support near $75,000 amid an 11% pullback from recent highs.
Top Stories
