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Bitcoin Battles Resistance Near All-Time High as Possible 'Double Top' Looms: Technical Analysis
For now, BTC’s uptrend remains intact.
Updated Sep 14, 2021, 12:25 p.m. Published Mar 12, 2021, 12:20 p.m.
Bitcoin (BTC) is holding support above its 50-day volume weighted moving average, but the cryptocurrency faces resistance around $58,000. Upside momentum is slowing, with initial support around $52,000 on the 4-hour chart.
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- For now, BTC’s uptrend remains intact as buyers on March 8 pushed prices above the $50,000 level for the second time since February, and bitcoin has moved this week back toward its all-time-high around $58,000.
- Momentum, defined by the relative strength index (RSI), is slowing on both intraday charts and the daily chart, diverging from BTC’s price uptrend.
- Traders are on watch for a breakout to fresh all-time highs, but there is concern about a double top forming, which could lead to profit taking.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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