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Bitcoin Holds Support, Approaching Resistance Around $60K
The daily relative strength index (RSI) is back in neutral territory after reaching overbought levels earlier this month.
Updated Mar 6, 2023, 3:28 p.m. Published Mar 24, 2021, 11:17 a.m.
The long-term uptrend in bitcoin (BTC) remains intact, with support around $50,000. However, upside momentum continues to slow as bitcoin consolidates below the $60,000 resistance level.
- The daily relative strength index (RSI) is back in neutral territory after reaching overbought levels earlier this month.
- Previous episodes of RSI moving from overbought to neutral resulted in price recoveries along the 50-day volume weighted moving average.
- Traders should monitor the break below trend support on the four-hour chart, which could limit upside around $58,000-$60,000.
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