Share this article
Bitcoin Stabilizes After Pullback; Faces Resistance at $58K
Bitcoin stabilized after a near 5% drop during Asia hours. Momentum is slowing, which could limit rallies.
Updated Mar 6, 2023, 3:31 p.m. Published May 4, 2021, 11:21 a.m.
Make us preferred on Google
Bitcoin (BTC) declined about 5% during Asia hours as buyers took profit near the $58,000 resistance level. The cryptocurrency was trading around $56,200 at the time of writing. Price recoveries remain limited around $58,000 and $60,000 as long-term momentum slows.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- BTC held support around the 50-period volume weighted moving average on the four-hour chart, similar to April 29, which preceded a near 10% price rally.
- However, a pattern of lower highs on the four-hour relative strength index (RSI) suggests continued selling on rallies.
- Bitcoin returned below the 50-day moving average and has traded within a tight range since the April 17 sell-off. Lower support is seen around $52,000 which could settle additional profit taking.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
BTC, ETH, SOL move higher as markets eye Fed, Mag 7 earnings and weaker dollar
Crypto prices steadied as traders looked past short-term volatility with positioning shifting to the Fed, megacap earnings and a weakening dollar.
What to know:
- Bitcoin hovered just below $89,000 in Asian trading, posting modest gains in a narrow range as traders awaited a key Federal Reserve decision.
- A weaker U.S. dollar and record-setting global equity markets, led by technology shares and AI optimism, have supported risk assets but crypto has lagged metals like gold and silver.
- Analysts say bitcoin's rebound from the $86,000–$87,000 zone reflects reduced leverage and short-term stabilization rather than strong momentum as markets brace for Fed guidance and major tech earnings.
Top Stories
