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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.
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- 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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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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