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Bitcoin Recedes From All-Time High; Approaching Support
BTC is roughly 7% lower from its all-time high, similar to the April 1 pullback.
Updated Mar 6, 2023, 3:25 p.m. Published Apr 16, 2021, 11:33 a.m.
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Bitcoin (BTC) sellers remain active from the April 14 all-time high just below $65,000. The largest cryptocurrency was trading around $60,300 at press time as it re-tests support around the 200-period moving average on the four-hour chart.
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- The April 13 breakout above $61,000 provides an initial support zone for BTC, which could stabilize the current sell-off.
- BTC is roughly 7% lower from its all-time high, similar to the April 1 pullback that was limited to the 200-period moving average on the four-hour chart.
- The relative strength index (RSI) is approaching oversold territory on the four-hour chart, which typically precedes buying strength.
- BTC must hold above $60,000 to confirm the breakout, which could override slowing momentum on longer term charts. For now, buyers continue to take profit on rallies.
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Ripple-linked XRP drops 5%, opening downside risk toward $1.70
Traders are watching $1.80 as near-term support, with $1.87–$1.90 now the key resistance zone.
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- XRP dropped about 5 percent from $1.91 to near $1.80 as bitcoin’s pullback sparked broad risk-off selling across high-beta tokens.
- The slide accelerated once XRP broke below key support around $1.87 on heavy volume, erasing last week’s gains before buyers stepped in near the $1.78–$1.80 zone.
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