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Bitcoin Steady at Resistance; Support Around $57K-$58K

Bitcoin traded in a tight range during Asian hours; resistance around $60K and support around $57K-$58K.

Na-update Mar 6, 2023, 3:32 p.m. Published Abr 1, 2021, 11:26 a.m. Isinalin ng AI

Bitcoin (BTC) continues to struggle near the $60,000 resistance level. The cryptocurrency traded in a tight range during Asia hours, with initial support around $57,000 and $58,000.

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BTC’s oversold bounce from $50,000 support remains intact on the hourly chart, which fully retraced the nearly 15% sell-off of last week.
Buyers are taking profit around $60,000 as upside momentum slows.
The relative strength index (RSI) on the hourly chart is back in neutral territory, which occurred during previous support levels this week.
Buyers will need to defend initial support around $57,000 and $58,000 to sustain the intraday uptrend.

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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.