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Bitcoin Holding Support at $60K; Could Face Resistance at $63K-$65K
The long-term uptrend remains intact despite slowing price momentum.
Updated May 11, 2023, 5:12 p.m. Published Nov 17, 2021, 9:56 p.m.
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Bitcoin is stabilizing around the $60,000 support level after declining about 15% from an all-time high near $69,000.
The cryptocurrency is roughly flat over the past 24 hours and could see further upside toward the $63,000-$65,000 resistance zone.
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Both the 50-day and 100-day moving averages are sloping upward, indicating a positive intermediate-term trend. This means buyers could remain active on pullbacks given strong price support above $53,000.
For now, the relative strength index (RSI) on the daily chart is below a neutral reading of 50, which means a period of consolidation could continue until a decisive breakout or breakdown is confirmed.
