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Bitcoin Stalls at $57K Resistance, Lower Support Around $53K
“Short-term momentum remains positive, but far less so than in February,” writes one analyst.
Updated Mar 6, 2023, 3:18 p.m. Published Mar 17, 2021, 11:19 a.m.
Bitcoin (BTC) continues to struggle after failing to hold an all-time-high around $60,000 over the weekend. On the hourly chart, resistance is around $57,000 with short-term support around $53,000.
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- Traders continue to experience limited upside intraday, with oversold moves capped around the 50-period volume weighted moving average since the March 15 sell-off.
- On the daily chart, bitcoin’s uptrend remains intact, although lower highs on the relative strength index (RSI) indicates slowing momentum.
- “Short-term momentum remains positive, but far less so than in February,” writes Katie Stockton, managing partner of Fairlead Strategies.
From a long-term perspective, the outlook for bitcoin remains constructive, although drawdowns can be sharp and fast during the late stage of a rally, as seen in the chart below. This suggests tighter stops should be used, especially until short-term trend signals improve.
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Bitcoin's massive underperformance to stocks in Q4 bodes well for January, says K33's Lunde
After an active morning Tuesday, bitcoin flattened out in afternoon trading around the $87,500 area, up 2% over the past 24 hours.
What to know:
- Bitcoin held in the $87,500 in U.S. afternoon action on Tuesday, up 2% over the past 24 hours.
- K33 analyst Vetle Lunde suggested BTC's relative weakness to stocks this quarter could mean rebalancing-led buying once January rolls around.
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