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Bitcoin Battles Resistance Near All-Time High as Possible 'Double Top' Looms: Technical Analysis

For now, BTC’s uptrend remains intact.

BTC Battles February All-Time-High

Bitcoin (BTC) is holding support above its 50-day volume weighted moving average, but the cryptocurrency faces resistance around $58,000. Upside momentum is slowing, with initial support around $52,000 on the 4-hour chart.

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  • For now, BTC’s uptrend remains intact as buyers on March 8 pushed prices above the $50,000 level for the second time since February, and bitcoin has moved this week back toward its all-time-high around $58,000.
  • Momentum, defined by the relative strength index (RSI), is slowing on both intraday charts and the daily chart, diverging from BTC’s price uptrend.
  • Traders are on watch for a breakout to fresh all-time highs, but there is concern about a double top forming, which could lead to profit taking.
4-hour price chart shows resistance around $58,000 with lower support around the 50-period volume weighted moving average.
4-hour price chart shows resistance around $58,000 with lower support around the 50-period volume weighted moving average.

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.

Damanick Dantes