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Bitcoin Consolidates Below $56K Resistance as Buyers Lose Strength
BTC has remained in a consolidation phase since February.
Updated Mar 6, 2023, 3:01 p.m. Published Apr 22, 2021, 11:28 a.m.
Bitcoin (BTC) is holding short-term support and was trading around $54,000 at press time. The cryptocurrency is now below the 50-day moving average as upside momentum continues to slow. Buyers will need to defend support around $51,000 to stabilize the long-term uptrend.
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- The relative strength index (RSI) on the daily chart has made a series of lower highs this year, which reflects slowing upside momentum.
- BTC has remained in a consolidation phase since February as buyers were quick to take profit around the $60,000 resistance zone.
- The daily RSI is approaching oversold territory, which will likely occur as price continues to drift below the 50-day moving average.
- Lower support is around $42,000 similar to February 28, which preceded a price rally.
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Traders mull the bottom as bitcoin returns to week's lows below $86,000
One analyst isn't quite ready to call a bottom, but says bitcoin is surely in an oversold condition.
What to know:
- Bitcoin's early rally Wednesday seems a faint memory as the price has returned to the week's lows.
- Precious metals continue to get bid, with silver rushing to yet another new record and gold closing in on an all-time high.
- One analyst cautioned against reading too much into the current bitcoin price action due to year-end positioning and tax considerations.
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