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Bitcoin Drifts Lower; Support Around $54K-$55K
Bitcoin buyers and sellers are in a stalemate as oversold rallies have been limited on intraday charts.
Updated Mar 6, 2023, 3:00 p.m. Published Apr 8, 2021, 11:20 a.m.
Bitcoin (BTC) is trading lower as oversold moves on the hourly chart have been limited to the 50-hour volume weighted moving average. Buyers have continued to take profits after another failed attempt to move beyond $60,000 on April 1.
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- BTC remains rangebound with lower support between $54,0000 and $55,000. Currently around $56,700.
- Buyers will need to defend support to maintain the uptrend on the daily chart, which continues to show slowing upside momentum.
- Technical signals are broadly neutral over the short term and will require a decisive breakout above $60,000 or below $50,000 to derive price targets. For now, buyers and sellers are in a stalemate, responding well to intraday support and resistance levels.
- On the hourly chart, BTC has retraced about 50% of its rally from March 25 and is down about 5% for the month to date.
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Traders mull the bottom as bitcoin returns to week's lows below $86,000
One analyst isn't quite ready to call a bottom, but says bitcoin is surely in an oversold condition.
What to know:
- Bitcoin's early rally Wednesday seems a faint memory as the price has returned to the week's lows.
- Precious metals continue to get bid, with silver rushing to yet another new record and gold closing in on an all-time high.
- One analyst cautioned against reading too much into the current bitcoin price action due to year-end positioning and tax considerations.
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