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Bitcoin Pullback Could Stabilize Around $60K Support
Upside momentum is slowing, although pullbacks remain limited.
Updated May 11, 2023, 5:12 p.m. Published Nov 15, 2021, 11:00 p.m. 1 min read
Bitcoin is consolidating around $63,000 after buyers failed to sustain a price bounce over the weekend.
The cryptocurrency is displaying signs of upside exhaustion on the charts, which suggests further downside is likely, albeit limited toward the $57,000-$60,000 support zone.
The relative strength index (RSI) on the four-hour chart (see above, featured image) registered an oversold signal on Nov. 12, although buyers quickly took profits around the $66,000 resistance level. The RSI is currently neutral, which means a period of consolidation could persist this week.
For now, upside momentum is slowing on the daily chart, indicating risk of a pullback into Asian trading hours.
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Ark frequently uses broader digital asset downturns, which tend to pull crypto equities lower, as an entry point into cryptocurrency companies.
What to know:
- Ark Invest bought $5 million worth of Bullish (BLSH) stock on Thursday, the fourth day in a row it has added BLSH shares.
- Cathie Wood's investment manager has purchased $12.5 million worth of shares in the crypto group.
- BLSH shares closed 0.2% lower at $35.96 on Thursday.
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