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Bitcoin Stabilizes After Pullback; Faces Resistance at $58K
Bitcoin stabilized after a near 5% drop during Asia hours. Momentum is slowing, which could limit rallies.
Updated Mar 6, 2023, 3:31 p.m. Published May 4, 2021, 11:21 a.m.
Bitcoin (BTC) declined about 5% during Asia hours as buyers took profit near the $58,000 resistance level. The cryptocurrency was trading around $56,200 at the time of writing. Price recoveries remain limited around $58,000 and $60,000 as long-term momentum slows.
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- BTC held support around the 50-period volume weighted moving average on the four-hour chart, similar to April 29, which preceded a near 10% price rally.
- However, a pattern of lower highs on the four-hour relative strength index (RSI) suggests continued selling on rallies.
- Bitcoin returned below the 50-day moving average and has traded within a tight range since the April 17 sell-off. Lower support is seen around $52,000 which could settle additional profit taking.
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Speculators maintain net bullish positions in the yen, limiting scope for sudden JPY strength and mass carry unwind.
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