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Bitcoin Pullback Could Stabilize Around $60K Support
Upside momentum is slowing, although pullbacks remain limited.
Updated May 11, 2023, 5:12 p.m. Published Nov 15, 2021, 11:00 p.m.
Bitcoin is consolidating around $63,000 after buyers failed to sustain a price bounce over the weekend.
The cryptocurrency is displaying signs of upside exhaustion on the charts, which suggests further downside is likely, albeit limited toward the $57,000-$60,000 support zone.
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The relative strength index (RSI) on the four-hour chart (see above, featured image) registered an oversold signal on Nov. 12, although buyers quickly took profits around the $66,000 resistance level. The RSI is currently neutral, which means a period of consolidation could persist this week.
For now, upside momentum is slowing on the daily chart, indicating risk of a pullback into Asian trading hours.
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Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
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需要了解的:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
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