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Bitcoin Struggles Near $60K; Short-Term Support Around $58K
Bitcoin struggled near $60K again; support is nearby around $58K as buyers take some profit.
Updated Mar 6, 2023, 2:59 p.m. Published Apr 12, 2021, 11:20 a.m. 1 min read
Over the weekend, bitcoin (BTC) tested resistance around $61,000 twice before sellers gained control. Bitcoin’s struggle near its all-time high has been a consistent theme since February as the uptrend consolidates. Initial support is around $58,000 on the four-hour chart.
- BTC held support around $50,000 on March 25 after retracing nearly 50% of its rally from the Feb. 28 price low.
- Since then, BTC’s near 19% rally has stabilized, breaking above a series of lower price highs from April 1 and holding support from the 200-period moving average.
- The cryptocurrency is now overbought, defined by its relative strength index (RSI) on the four-hour chart.
- Previous overbought signals have preceded 5%-10% declines over the past month and have all occurred near $58,000-$60,000 resistance areas.
- A decisive break above $60,000 is needed to reignite the broader uptrend. For now, short-term buyers remain active at higher support levels since February.
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From May 20 to May 29, XRP funds took in $35 million while bitcoin and ether ETFs lost roughly $2 billion combined, with Ripple’s earlier reported XRP treasury plan still awaiting confirmation.
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- U.S.-listed spot XRP ETFs drew $11.88 million in net inflows on May 29, extending a week of gains even as bitcoin and ether funds saw continued redemptions.
- Total net assets in U.S. XRP ETFs now stand near $1.12 billion, with about $35 million added since May 20 while bitcoin and...
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