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Bitcoin Recedes From All-Time High; Approaching Support
BTC is roughly 7% lower from its all-time high, similar to the April 1 pullback.
Updated Mar 6, 2023, 3:25 p.m. Published Apr 16, 2021, 11:33 a.m. 1 min read
Bitcoin (BTC) sellers remain active from the April 14 all-time high just below $65,000. The largest cryptocurrency was trading around $60,300 at press time as it re-tests support around the 200-period moving average on the four-hour chart.
- The April 13 breakout above $61,000 provides an initial support zone for BTC, which could stabilize the current sell-off.
- BTC is roughly 7% lower from its all-time high, similar to the April 1 pullback that was limited to the 200-period moving average on the four-hour chart.
- The relative strength index (RSI) is approaching oversold territory on the four-hour chart, which typically precedes buying strength.
- BTC must hold above $60,000 to confirm the breakout, which could override slowing momentum on longer term charts. For now, buyers continue to take profit on rallies.
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The S&P 500 posted its longest weekly winning streak since 2023 and Brent oil stabilized near $92 on US-Iran ceasefire hopes. The biggest cryptocurrencies still drifted lower, with Hyperliquid's HYPE the only major name to rally.
What to know:
- U.S. stocks and oil rallied, with the S&P 500 logging a ninth straight weekly gain and Brent crude hovering near $92 a barrel on hopes for a U.S.-Iran ceasefire extension.
- Major cryptocurrencies lagged the macro rally, with bitcoin, ether and other large-cap tokens falling around 2% to 6% amid cooling...
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