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Bitcoin Finding Support at $54K After Failing to Hold Above $60K: Technical Analysis
Profit taking around $60,000 opens the door to lower support around $54,000, causing a bit of whiplash for bitcoin traders.
Updated Mar 6, 2023, 3:33 p.m. Published Mar 15, 2021, 11:26 a.m.
Bitcoin (BTC) made a new all-time-high this weekend, but the move was short-lived. The uptrend from January continues to slow, which is probably causing some profit taking. Traders will likely defend lower support.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
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- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
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