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Bitcoin Held Support at $53K, Faces Initial Resistance Around $60K

Initial signs of downside exhaustion could stabilize the intermediate-term uptrend from July.

更新 2023年5月11日 午後4:27 公開日 2021年11月24日 午後7:09 1 min readAIによる翻訳
Bitcoin daily price chart shows support and resistance levels with oversold RSI in second panel.

Bitcoin is holding support above its 100-day moving average, which is currently at $53,700. The cryptocurrency was trading around $57,000 at press time and could see further upside toward the $60,000 resistance level over the short term.

The relative strength index (RSI) on the daily chart is almost oversold, similar to what occurred in late-July and September, which preceded near-50% price rallies. Still, buyers will need to break above the $60,000-$65,000 resistance zone in order to yield upside price targets.

Price momentum is slowing on the daily chart, although initial signs of downside exhaustion could stabilize the intermediate-term uptrend from July. Volatility will likely return into the U.S. Thanksgiving holiday, which could lead to sharp price movements over the weekend.

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  • The rally is fueled by NEAR Intents, the cross-chain system that has processed over $19 billion in volume and generated $32 million in fees.
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