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Bitcoin Rallies From Support, Resistance Around $60K
But traders should continue to monitor intraday resistance levels as the broader uptrend from January slows.
Updated Mar 6, 2023, 3:38 p.m. Published Mar 29, 2021, 11:21 a.m. 1 min read
Bitcoin (BTC) held support around $50,000 after registering an oversold signal on the four-hour relative strength index (RSI). The next level of resistance is seen around $60,000.
- The four-hour RSI is not yet overbought, which could keep buyers active above the $54,000 support level.
- BTC is now breaking above a series of lower price highs from March 13, which suggests the short-term trend is recovering.
- The daily RSI is back in neutral territory, which previously supported strong price rallies.
- However, traders should continue to monitor intraday resistance levels as the broader uptrend from January slows.
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CNBC reported Tuesday that Musk is discussing a merger between Tesla and SpaceX that would tie his tech empire closer together and instantly create the world’s fifth-largest corporate bitcoin treasury, worth $3.3 billion.
What to know:
- Elon Musk is exploring a potential merger of Tesla and SpaceX, a move that would deepen operational overlap in areas such as power infrastructure and AI-related computing.
- A combined Tesla-SpaceX entity would control about 30,221 bitcoin, worth roughly $3.3 billion, making it the fifth-largest public corporate holder of the cryptocurrency.
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