Share this article
Bitcoin Rangebound, Support Between $58K-$60K Could Stabilize Pullback
Downside appears limited into Asian trading hours.
Updated May 11, 2023, 5:15 p.m. Published Nov 4, 2021, 4:22 p.m.
Bitcoin has traded in a tight range between $60,000 support and $64,000 resistance over the past week. Short-term buyers have been active on pullbacks, which suggests downside could be limited into Asian trading hours.
Upside momentum is slowing after BTC made an all-time high around $66,900 last month. It appears that buyers were quick to take profits around the price high, especially given short-term overbought signals on the charts.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
BTC was trading around $61,500 at press time and is down about 1% over the past 24 hours.
The relative strength index (RSI) on the four-hour chart is not yet oversold, which suggests BTC could see further downside toward the $58,000-$60,000 support zone.
If buyers fail to hold $60,000, the next level of support is seen around $53,000-$54,000 (a near-10% decline from current levels), which is also at the 50-day moving average.
The weekly RSI is approaching overbought territory, similar to April and September, which preceded a downturn in BTC’s price. However, given a series of price breakouts over the past few weeks, BTC remains poised for a breakout above $60,000 based on positive historical returns in the fourth quarter.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
What to know:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
Top Stories
