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Bitcoin Faces Resistance Near $64K, Support Between $55K-$60K
Upside momentum is slowing, which suggests a period of consolidation could persist in the short term.
Updated May 11, 2023, 6:28 p.m. Published Nov 5, 2021, 8:47 p.m.
Bitcoin continues to trade in a tight range, although buyers appear to be holding support above $60,000. Short-term indicators are neutral, although pullbacks could be limited given a series of price breakouts over the past month.
If buyers fail to hold $60,000, lower support around the 50-day moving average, currently near $55,000, could stabilize a pullback.
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Bitcoin was trading around $61,500 at press time and is roughly flat over the past 24 hours.
For now, upside momentum is slowing, which suggests a period of consolidation could persist in the short term. Eventually, indicators suggest momentum could improve to support a breakout in BTC above $65,000 based on positive historical returns in the fourth quarter.
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