Share this article
BTC
$79,947.26
+
1.98%ETH
$1,573.55
+
1.37%USDT
$0.9996
+
0.03%XRP
$1.9600
+
4.20%BNB
$564.16
+
1.57%USDC
$0.9999
+
0.00%SOL
$110.42
+
3.47%DOGE
$0.1541
+
5.20%TRX
$0.2365
+
3.90%ADA
$0.6050
+
6.18%LEO
$8.9780
+
0.71%TON
$3.1432
+
2.35%LINK
$11.73
+
4.08%XLM
$0.2370
+
2.70%AVAX
$17.38
+
6.79%HBAR
$0.1626
+
13.19%SHIB
$0.0₄1136
-
0.01%SUI
$2.0597
+
4.86%OM
$6.2757
+
0.19%BCH
$282.62
+
4.44%Sign Up
- Back to menuNews
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menuSponsored
- Back to menu
- Back to menu
- Back to menuResearch
- Back to menuWebinars & Events
- Back to menu
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.
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.
STORY CONTINUES BELOW
- 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.
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.
