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Bitcoin Returns Above $58K as Momentum Improves
Buyers will need to clear $60K resistance to maintain an uptrend.
Updated May 11, 2023, 4:27 p.m. Published Nov 29, 2021, 8:10 p.m.
Bitcoin is holding support above its 100-day moving average, currently around $54,200, as last week’s sell-off stabilizes.
The cryptocurrency was trading around $58,000 at press time and could face initial resistance at $60,000-$63,000.
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Price momentum is starting to recover on the daily chart, which suggests buyers could remain active into the Asia trading day. Additionally, the relative strength index (RSI) on the daily chart is near oversold levels similar to what occurred in late September, which preceded a price rally.
For now, buyers will need to clear resistance in order to yield further upside targets. Longer-term indicators have shifted neutral as buyers failed to sustain an all-time high near $69,000 over the past month.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
Ano ang dapat malaman:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
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