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Bitcoin Holds Support, Faces Resistance at $60K
The virtual currency is approaching its resistance level.
Bitcoin (BTC) held support around $56,000 during the weekend and was trading at around $58,700 at the time of writing. The next resistance level of about $60,000 is within reach.
STORY CONTINUES BELOW
- The relative strength index (RSI) is now overbought on the hourly chart, although it is not as extreme as it was on May 1 or April 14, which preceded price declines.
- Bitcoin is holding support at the 100-period moving average on the hourly chart. The moving average has been sloping upward for about a week, which points to an improving short-term trend.
- On the daily chart, bitcoin is also above the 50-day and 100-day moving averages and is not yet overbought. Slowing momentum on the weekly chart, however, suggests buyers are still taking profit on rallies.
- For now, BTC is approaching the next level of resistance of $60,000, which triggered short-term overbought conditions during the past few months.
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.
