Share this article
Bitcoin Rangebound Between $55K Support and $60K Resistance
The intermediate-term uptrend remains intact.
Updated May 11, 2023, 4:27 p.m. Published Dec 1, 2021, 11:26 p.m. 1 min read
Bitcoin’s price momentum is improving, which could limit further downside between the $53,000-$55,000 support range.
Buyers will need to make a decisive move above $60,000 resistance to yield an upside target toward the all-time price high of nearly $69,000.
For now, BTC is trading in a tight range and has been roughly flat over the past week. The relative strength index (RSI) on the daily chart is rising from oversold levels of last week, which typically precedes a price bounce.
Support remains intact given the upward-sloping, 100-day moving average. This indicates a positive intermediate-term trend, which could encourage additional buying on pullbacks.
More For You
"An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries," wrote President Trump late Saturday afternoon.
What to know:
- Down sharply earlier Saturday, bitcoin moved to gains on the day after President Trump announced a peace agreement with Iran and other Middle Eastern countries.
- As part of the deal, Trump said, the Strait of Hormuz will be reopened.
Top Stories
