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Bitcoin Struggles at $60K Resistance; Support Above $53K
Short-term downside is likely into the Asia trading day.
Updated May 11, 2023, 6:33 p.m. Published Nov 22, 2021, 7:02 p.m.
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Bitcoin buyers remained active over the weekend, although upside was limited around the $60,000 resistance level.
The cryptocurrency continues to consolidate, with pullbacks limited toward $53,000 support.
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Intraday chart signals are neutral, suggesting the current loss of momentum could continue into the Asian trading session. Buyers will need to defend immediate support around $55,000 and decisively break above the short-term downtrend in order to yield further upside targets.
The relative strength index (RSI) on the daily chart is approaching oversold levels, which could support a price recovery similar to what took place in late September. However, previous failed attempts at sustaining an all-time price high near $69,000 is a concern.
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