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Bitcoin Steady at Resistance; Support Around $57K-$58K
Bitcoin traded in a tight range during Asian hours; resistance around $60K and support around $57K-$58K.
Par Damanick Dantes
Bitcoin (BTC) continues to struggle near the $60,000 resistance level. The cryptocurrency traded in a tight range during Asia hours, with initial support around $57,000 and $58,000.
- BTC’s oversold bounce from $50,000 support remains intact on the hourly chart, which fully retraced the nearly 15% sell-off of last week.
- Buyers are taking profit around $60,000 as upside momentum slows.
- The relative strength index (RSI) on the hourly chart is back in neutral territory, which occurred during previous support levels this week.
- Buyers will need to defend initial support around $57,000 and $58,000 to sustain the intraday uptrend.
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The creator of the Mayer Multiple argues bitcoin’s growing economic substance is compressing volatility and attracting deeper capital.
Was Sie wissen sollten:
- Bitcoin volatility has dropped from around 120 in 2017 to 35 as institutional participation and options markets add stability to the asset.
- Mayer believes lower volatility makes bitcoin more investable for corporations, family offices, and institutional investors.
- Despite long-term concerns around miner security incentives and quantum computing, Mayer remains bullish...
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