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Bitcoin Strengthens; Faces Resistance Around $60K-$62K

BTC could face resistance near the all-time high on improving trend strength.

Na-update Mar 6, 2023, 3:20 p.m. Nailathala May 6, 2021, 11:28 a.m. 1 min readIsinalin ng AI
Bitcoin four-hour chart

Bitcoin (BTC) broke above initial resistance at $56,000 as buyers attempt to retrace the April 14 sell-off. The next level of resistance is seen around $60,000 and just below the all-time high around $62,000.

  • Bitcoin’s short-term trend is improving as the 100-period moving average on the four-hour chart is starting to slope upward.
  • The relative strength index (RSI) on the four-hour chart is not yet overbought, which could keep buyers active towards higher resistance levels.
  • Support is seen around $56,000 which limited profit during a pullback in early April.
  • Bitcoin has retraced roughly 60% of the April 14 sell-off and has traded in a wide range between $42,000 and $64,000 over the past few months.

Higit pang Para sa Iyo

Ether's price drops below $2,000. (CoinDesk)

Ether drops below $2,000 amid heavy selling pressure, yet futures open interest hits a record high. This divergences suggests aggressive shorting.

Ano ang dapat malaman:

  • Ether has fallen below $2,000 for the first time since March amid rising risk aversion, with losses of nearly 8% over the past week.
  • Open interest in ether futures has hit a record high even as prices drop, a combination that suggests aggressive leveraged selling and a bearish market tilt.