Share this article
Bitcoin Could Find Support at $56K-$60K
Upside momentum is starting to slow, especially given recent overbought signals on the charts.
Updated May 11, 2023, 6:28 p.m. Published Nov 11, 2021, 7:36 p.m. 1 min read
Bitcoin buyers took some profits after the cryptocurrency reached an all-time price high near $68,950 on Wednesday. The cryptocurrency is down about 2% over the past 24 hours and could find lower support around the $56,000-$60,000 price range.
Upside momentum is starting to slow, especially given recent overbought signals on the charts. This suggests BTC’s pullback could extend into Asian trading hours, although buyers will likely return around $60,000.
The relative strength index (RSI) on the daily chart is at the highest level since Oct. 20, which preceded a near-10% drop in BTC’s price.
Further, BTC’s recent all-time price high occurred on lower trading volume and a weaker RSI reading, which means additional buying activity could be limited over the short term.
Mehr für Sie
BTC's three-month uptrend against gold has broken down amid strong inflows into gold and precious metals ETFs.
Was Sie wissen sollten:
- Bitcoin’s three-month uptrend versus gold has broken down.
- ETF flows point to a renewed bias for hard assets, with over $2 billion exiting BTC funds while gold and precious metal ETFs attract fresh inflows.
- The shift signals weakening momentum for bitcoin as a “store of value,” with gold poised to...
Top Stories
