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Bitcoin's Recovery Stalls; Lower Support Around $52K
Bitcoin buyers are losing strength as the recovery from the April 17 sell-off stalls.
Bitcoin (BTC) has traded in a tight range over the past few days, which suggests buyers are losing strength. The recovery from the April 17 sell-off appears weak with a cluster of resistance levels from $56,000-$59,000. The cryptocurrency was trading around $55,000 at press time.
STORY CONTINUES BELOW
- BTC has broken its uptrend since March on the four-hour chart and failed to reverse a series of lower price highs since April 1.
- Support is seen around the April 17 sell-off low just below $52,000.
- The relative strength index (RSI) on the four-hour chart registered an oversold reading during the weekend sell-off and is now neutral.
- BTC is back in a consolidation phase that began around February. Since then, price rallies have been limited around the $60,000 resistance zone with frequent drawdowns of roughly 15%-20%.
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.
