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Bitcoin Approaching Resistance Near $58K; Support at $50K
Momentum has improved over the past two weeks.
Updated May 11, 2023, 4:29 p.m. Published Oct 11, 2021, 11:25 a.m. 1 min read
Bitcoin’s price continues to rise, now near $56,000, although the rally appears to be exhausted given overbought signals on the charts. The cryptocurrency is up about 14% over the past week and faces resistance between $58,000 and $60,000.
- The relative strength index (RSI) on the four-hour chart is declining from an overbought extreme last week. A negative divergence between the RSI and price typically leads to a brief pullback similar to what occurred in mid-September.
- The RSI on the daily chart is approaching overbought levels, suggesting buyers could exit positions near upper resistance levels.
- Momentum has improved over the past two weeks, which means pullbacks could be limited toward initial support at $50,000.
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From May 20 to May 29, XRP funds took in $35 million while bitcoin and ether ETFs lost roughly $2 billion combined, with Ripple’s earlier reported XRP treasury plan still awaiting confirmation.
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- U.S.-listed spot XRP ETFs drew $11.88 million in net inflows on May 29, extending a week of gains even as bitcoin and ether funds saw continued redemptions.
- Total net assets in U.S. XRP ETFs now stand near $1.12 billion, with about $35 million added since May 20 while bitcoin and...
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