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Bitcoin Struggles Near $60K; Short-Term Support Around $58K
Bitcoin struggled near $60K again; support is nearby around $58K as buyers take some profit.
Over the weekend, bitcoin (BTC) tested resistance around $61,000 twice before sellers gained control. Bitcoin’s struggle near its all-time high has been a consistent theme since February as the uptrend consolidates. Initial support is around $58,000 on the four-hour chart.
STORY CONTINUES BELOW
- BTC held support around $50,000 on March 25 after retracing nearly 50% of its rally from the Feb. 28 price low.
- Since then, BTC’s near 19% rally has stabilized, breaking above a series of lower price highs from April 1 and holding support from the 200-period moving average.
- The cryptocurrency is now overbought, defined by its relative strength index (RSI) on the four-hour chart.
- Previous overbought signals have preceded 5%-10% declines over the past month and have all occurred near $58,000-$60,000 resistance areas.
- A decisive break above $60,000 is needed to reignite the broader uptrend. For now, short-term buyers remain active at higher support levels since February.
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.
