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Bitcoin Stabilizes After Pullback; Faces Resistance at $57K
The broader uptrend remains intact despite several months of consolidation.
Updated Mar 6, 2023, 3:19 p.m. Published May 11, 2021, 11:27 a.m.
Bitcoin (BTC) is stabilizing after a near 7% drop on Monday as buyers continue to take profit. The cryptocurrency could see further upside towards resistance at $57,000.
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The broader uptrend remains intact despite several months of consolidation. Sharp price moves are typical during consolidation phases, which can result in frequent drawdowns.
- The relative strength index (RSI) on the hourly chart registered an oversold reading after Monday’s decline, which suggests a brief price recovery is underway.
- Bitcoin held support around $54,000 along a series of higher price lows over the past few weeks.
- Resistance is seen around the 100-period moving average on the hourly chart around $57,000 which could limit price gains.
- Bitcoin has traded in a range between $53,000 and $59,000 as buyers struggle to retrace the April 14 sell-off.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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