Share this article
BTC
$95,129.73
-
0.26%ETH
$1,829.41
+
0.69%USDT
$1.0003
-
0.01%XRP
$2.2885
-
1.17%BNB
$603.54
-
0.72%SOL
$148.87
-
1.86%USDC
$1.0000
+
0.00%DOGE
$0.1789
-
1.51%ADA
$0.7143
-
1.05%TRX
$0.2470
+
0.00%SUI
$3.5450
-
6.71%LINK
$15.05
+
0.57%AVAX
$22.10
-
0.73%XLM
$0.2796
-
2.84%LEO
$8.9857
-
0.24%TON
$3.2540
-
1.84%SHIB
$0.0₄1367
-
1.58%HBAR
$0.1887
-
3.70%BCH
$373.09
+
5.07%LTC
$85.78
-
1.72%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Bitcoin Holds Short-Term Support at $54K, Resistance Seen at $58K: Technical Analysis
Bitcoin is oversold and at trend support on intraday charts, but still faces heavy resistance around $58,000.
Bitcoin (BTC) buyers defended short-term support around $54,000 but will face heavy resistance around $58,000. On the four-hour chart, bitcoin is now the most oversold since the Feb. 28 low around $42,900, which preceded a near 40% price rally.
STORY CONTINUES BELOW
- The long-term trend is still weakening, defined by lower highs on the relative strength index (RSI), which was noted on the daily price chart.
- Slowing upside momentum indicated profit taking around the $60,000 price level, as expected in earlier posts.
- For now, bitcoin will need to hold above the $54,000 level to sustain its uptrend on the four-hour chart. If bitcoin breaks this level, lower support is seen around $50,000 and then $46,000.
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.
