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Bitcoin Holds Support, Faces Resistance at $60K
The virtual currency is approaching its resistance level.
Updated Mar 6, 2023, 2:54 p.m. Published May 3, 2021, 11:26 a.m. 1 min read
Bitcoin (BTC) held support around $56,000 during the weekend and was trading at around $58,700 at the time of writing. The next resistance level of about $60,000 is within reach.
- The relative strength index (RSI) is now overbought on the hourly chart, although it is not as extreme as it was on May 1 or April 14, which preceded price declines.
- Bitcoin is holding support at the 100-period moving average on the hourly chart. The moving average has been sloping upward for about a week, which points to an improving short-term trend.
- On the daily chart, bitcoin is also above the 50-day and 100-day moving averages and is not yet overbought. Slowing momentum on the weekly chart, however, suggests buyers are still taking profit on rallies.
- For now, BTC is approaching the next level of resistance of $60,000, which triggered short-term overbought conditions during the past few months.
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From May 20 to May 29, XRP funds took in $35 million while bitcoin and ether ETFs lost roughly $2 billion combined, with Ripple’s earlier reported XRP treasury plan still awaiting confirmation.
What to know:
- U.S.-listed spot XRP ETFs drew $11.88 million in net inflows on May 29, extending a week of gains even as bitcoin and ether funds saw continued redemptions.
- Total net assets in U.S. XRP ETFs now stand near $1.12 billion, with about $35 million added since May 20 while bitcoin and...
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