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Bitcoin Fails to Break $60K; Short-Term Support Near $56K
BTC will need to break above $60,000 to resume the uptrend.
Updated Mar 6, 2023, 2:54 p.m. Published Apr 5, 2021, 11:04 a.m.
Bitcoin (BTC) declined by about 5% during the weekend as sellers remained active at the $60,000 resistance level. The cryptocurrency stabilized at support near $56,000, but the intraday trend has weakened.
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- The relative strength index (RSI) on the hourly chart is the most oversold since March 25, which preceded a near 20% price rally.
- However, oversold price moves have been limited to resistance near the 200-period moving average, similar to March 22-24.
- The uptrend on the hourly chart has weakened, with initial support around $56,000 and lower support around $54,000.
- BTC will need to break above $60,000 to resume the uptrend. But for now, buyers who have been active at support are met with sellers at resistance – typical of a consolidation phase.
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- 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.
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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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