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Bitcoin Rally Stalls; Could Find Support at $63K-$65K
Buyers could return on price dips into the Asian trading session.
Updated May 11, 2023, 5:12 p.m. Published Nov 9, 2021, 6:40 p.m. 1 min read
Bitcoin is giving up some gains after reaching an all-time high near $68,500 on Monday. The cryptocurrency is overbought on intraday charts, although support around the $63,000-$65,000 range could stabilize a pullback.
The relative strength index (RSI) on the four-hour chart is the most overbought since Oct. 20, which preceded a near-10% price decline. Still, pullbacks have been shallow over the past few weeks as buyers remain active on breakouts.
The 100-day moving average on the four-hour chart is sloping upward, indicating positive trend strength over the short term. This means buyers could eventually return on price dips into the Asian trading session.
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