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Bitcoin Holds Short-Term Support at $54K, Resistance Seen at $58K: Technical Analysis
Bitcoin is oversold and at trend support on intraday charts, but still faces heavy resistance around $58,000.
Updated Mar 6, 2023, 2:59 p.m. Published Mar 16, 2021, 11:20 a.m.
Bitcoin (BTC) buyers defended short-term support around $54,000 but will face heavy resistance around $58,000. On the four-hour chart, bitcoin is now the most oversold since the Feb. 28 low around $42,900, which preceded a near 40% price rally.
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- The long-term trend is still weakening, defined by lower highs on the relative strength index (RSI), which was noted on the daily price chart.
- Slowing upside momentum indicated profit taking around the $60,000 price level, as expected in earlier posts.
- For now, bitcoin will need to hold above the $54,000 level to sustain its uptrend on the four-hour chart. If bitcoin breaks this level, lower support is seen around $50,000 and then $46,000.
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