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Bitcoin Rallies Towards $60K Resistance, Short-Term Support Seen at $56K
Bitcoin's rally reignited the short-term trend and will now test resistance around $60K as it eyes all-time-highs.
Bitcoin (BTC) buyers defended support around $54,000 yesterday, but the upside has stalled just shy of the $60,000 resistance level. The short-term trend is improving, which should keep traders active at lower support levels.
STORY CONTINUES BELOW
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- Oversold signals on the hourly relative strength index (RSI) identified in yesterday's post triggered a near 10% rally.
- Bitcoin is now overbought on the hourly chart, which was previously seen around $61,000 – the all-time-high that was short-lived.
- Support is around $56,000, defined by the 50-period volume weighted moving average on the hourly chart.
- The daily chart still shows slowing upside momentum, but trend support remains intact.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
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