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Bitcoin Holds Support; $60K Resistance Within Reach
BTC is attempting to break above a series of lower price highs since April 1, which suggests buyers are gaining strength as sellers retreat.
Updated Mar 6, 2023, 2:54 p.m. Published Apr 9, 2021, 11:26 a.m.
Buyers defended support around $55,000 this week, with bitcoin (BTC) currently trading around $58,500. There is strong resistance around $60,000, which has been tested multiple times since March.
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- The oversold reading on the four-hour relative strength index (RSI) on April 7 preceded a near 5% rise in BTC. The last oversold reading on March 25 preceded a near 19% price rally.
- BTC is attempting to break above a series of lower price highs since April 1, which suggests buyers are gaining strength as sellers retreat.
- Intraday support is around $56,934. The four-hour RSI is not yet overbought, which indicates further upside over the short term.
- However, BTC’s uptrend on daily and weekly charts is slowing. A decisive break above $60,000 is needed to support the long-term uptrend. For now, traders have adhered to narrow price zones with lower volume as BTC consolidates.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
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