Share this article
BTC
$79,675.48
-
3.87%ETH
$1,623.41
-
9.17%USDT
$0.9994
-
0.04%XRP
$1.9969
-
5.91%BNB
$556.36
-
6.05%USDC
$1.0000
-
0.02%SOL
$108.17
-
9.07%DOGE
$0.1522
-
9.37%TRX
$0.2337
-
1.76%ADA
$0.5894
-
9.06%LEO
$8.8787
-
1.98%TON
$3.0877
-
5.86%LINK
$11.54
-
8.80%XLM
$0.2402
-
3.64%AVAX
$16.42
-
8.29%SHIB
$0.0₄1141
-
7.22%SUI
$1.9626
-
11.18%HBAR
$0.1434
-
10.94%OM
$5.9579
-
4.99%LTC
$72.99
-
11.39%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Bitcoin Rallies Towards $60K Resistance, Short-Term Support Seen at $56K
Bitcoin's rally reignited the short-term trend and will now test resistance around $60K as it eyes all-time-highs.
Bitcoin (BTC) buyers defended support around $54,000 yesterday, but the upside has stalled just shy of the $60,000 resistance level. The short-term trend is improving, which should keep traders active at lower support levels.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Oversold signals on the hourly relative strength index (RSI) identified in yesterday's post triggered a near 10% rally.
- Bitcoin is now overbought on the hourly chart, which was previously seen around $61,000 – the all-time-high that was short-lived.
- Support is around $56,000, defined by the 50-period volume weighted moving average on the hourly chart.
- The daily chart still shows slowing upside momentum, but trend support remains intact.
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.
