Share this article
Bitcoin Long-Term Uptrend Intact; Support Around $53K-$56K
Momentum is still positive on a weekly basis, which is consistent with a bullish uptrend.
Updated May 11, 2023, 4:27 p.m. Published Nov 19, 2021, 7:23 p.m.
Make us preferred on Google
Bitcoin is stabilizing after a near 10% decline over the past week. The cryptocurrency is holding initial support above $56,000, although resistance around $65,000 could limit further upside over the short term.
The relative strength index (RSI) is oversold on intraday charts, which could encourage brief buying activity. On the daily chart, the RSI is approaching oversold conditions similar to late September, which preceded a price recovery.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
On the weekly chart, bitcoin’s long-term uptrend remains intact given the upward sloping 40-week moving average. Momentum is still positive on a weekly basis, which is consistent with a bullish uptrend. And the monthly price chart shows no signs of upside exhaustion yet.
However, the weekly RSI is declining from overbought levels, albeit less extreme relative to January. This means bitcoin is vulnerable to higher volatility as buyers take some profits.
For now, bitcoin will need to hold support and sustain a breakout above $69,000 in order to yield an upside target toward $85,000.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin to silver ratio nears levels last seen during the FTX capitulation
Volatility, historical timing, and relative value signals raise questions around a potential blow off top for silver.
What to know:
- Historical silver tops have consistently clustered in the first half of the year.
- The bitcoin to silver ratio has declined toward levels last observed near bitcoin’s 2022 cycle low.
Top Stories
