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Bitcoin Stabilizes After Weekend Sell-Off; Resistance Around $58K
BTC is attempting to break above a series of lower price highs from April 14, which could stabilize the short-term downtrend.
Updated Mar 6, 2023, 2:51 p.m. Published Apr 26, 2021, 11:11 a.m.
Bitcoin (BTC) is holding support above $50,000 after reaching oversold levels last week. The cryptocurrency was trading around $53,400 at press time. The next resistance level is roughly 8% higher, around $58,000.
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- BTC had a near 5% sell-off around $47,000 on April 25, although buyers were quick to settle prices back above the $50,000 mark.
- The relative strength index (RSI) on the four-hour chart registered an oversold reading on April 17 and made a higher low on April 23. This bullish divergence could keep buyers active towards the next level of resistance around $56,000-$58,000.
- BTC is attempting to break above a series of lower price highs from April 14, which could stabilize the short-term downtrend.
- On the daily chart, BTC held support at the 100-day moving average after the RSI reached oversold levels for the first time since September 2020. The weekly RSI is still receding from extreme overbought levels.
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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.
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- 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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