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Bitcoin Uptrend Slows, Stays at $58K, Battles Resistance Near All-Time High
BTC is moving sideways as its short-term uptrend slows.
Bitcoin (BTC) has been stuck in a range of $54,000 to $60,000 over the past few days. The near 40% rise from the Feb. 28 low is slowing as traders continue to take profit from the March all-time high around $61,000.
STORY CONTINUES BELOW
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- The 50-period volume weighted moving average (VWMA) on the four-hour chart has flattened over the past week, which signals a slowing uptrend.
- The last time the VWMA declined was during the February sell-off.
- A flatter moving average could also be a sign of sideways price action, reflecting indecision between buyers and sellers.
- Bitcoin will need to defend lower support around $54,000 and break above $61,000 to resume the short-term uptrend.
- On the daily chart, initial support is around $50,000.
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.
