Share this article
BTC
$77,500.29
-
7.47%ETH
$1,563.55
-
13.87%USDT
$0.9994
-
0.04%XRP
$1.9047
-
11.61%BNB
$548.61
-
7.61%USDC
$1.0003
+
0.00%SOL
$105.05
-
12.92%DOGE
$0.1476
-
13.06%TRX
$0.2288
-
3.69%ADA
$0.5666
-
13.69%LEO
$8.8872
-
2.74%LINK
$11.15
-
13.49%TON
$2.9032
-
11.07%XLM
$0.2258
-
10.24%SHIB
$0.0₄1116
-
9.81%AVAX
$15.82
-
11.58%SUI
$1.9028
-
14.61%HBAR
$0.1378
-
14.99%OM
$5.8498
-
6.84%BCH
$268.38
-
11.71%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Bitcoin Stabilizes After Sell-off, Resistance Seen Around $56K
For now, bitcoin continues to hold long-term trend support above $50,000, with lower support around $42,000.
The near 10% sell-off in bitcoin (BTC) during Asian hours has stabilized around $52,000. Bitcoin is now oversold on the four-hour chart, which could support a slight recovery towards $56,000.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The last oversold reading on the relative strength index (RSI) resulted in a near 7% rise in BTC on March 22. However, the move was short-lived as sellers were active around the $56,000 resistance level.
- Bitcoin is now roughly 10% below its break of trend support on the four-hour chart and has erased about 50% of its rally from the Feb. 28 price low.
- For now, bitcoin continues to hold long-term trend support above $50,000, with lower support around $42,000.
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.
