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Bitcoin Stabilizes Near Support; Resistance Around $56K-$58K
Bitcoin has fully recovered from a late Thursday decline and is approaching resistance around $56K-$58K.
Updated Mar 6, 2023, 2:47 p.m. Published Apr 30, 2021, 11:34 a.m. 1 min read
Bitcoin (BTC) has fully recovered from Thursday's price drop of almost 5%.
The cryptocurrency was trading around $54,000 at the time of writing after holding support at around $52,000. The short-term trend is improving, although there is strong resistance around $56,000 and $58,000 that could limit upside into the weekend.
- The relative strength index (RSI) on the hourly chart is not yet overbought, which could keep buyers active short-term.
- Bitcoin will need to show a decisive break above $56,000 to continue the long-term uptrend. So far, oversold signals from the April 25 low of around $47,000 wasn't enough to push BTC above the 50-day moving average.
- BTC is down about 7% month-to-date and is on track for its first monthly loss this year, also its worst month since September.
Correction (13:37 UTC, April 30, 2021): This story has been corrected to show that bitcoin is headed for its worst monthly performance since September, and its first monthly loss in 2021. An earlier version of the story incorrectly stated that it was the worst month since January.
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The S&P 500 posted its longest weekly winning streak since 2023 and Brent oil stabilized near $92 on US-Iran ceasefire hopes. The biggest cryptocurrencies still drifted lower, with Hyperliquid's HYPE the only major name to rally.
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- U.S. stocks and oil rallied, with the S&P 500 logging a ninth straight weekly gain and Brent crude hovering near $92 a barrel on hopes for a U.S.-Iran ceasefire extension.
- Major cryptocurrencies lagged the macro rally, with bitcoin, ether and other large-cap tokens falling around 2% to 6% amid cooling...
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