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Bitcoin Struggles Around All-Time High Resistance; Support Within Reach
BTC buyers take profit, but selling should be limited around $61K support.
Profit taking continued during Asia hours, pressing bitcoin (BTC) down, now about 5% below its all-time high just shy of $65,000. The cryptocurrency is trading around $62,400 as of press time and support is nearby around $61,000.
STORY CONTINUES BELOW
- Buyers are losing strength as upside momentum slows. The relative strength index (RSI) on the hourly chart registered lower highs despite the breakout above $61,000 on Tuesday.
- Overbought signals on the RSI typically result in brief pullbacks, such as the 5% drop in BTC back on March 10.
- The RSI is not yet oversold, although support near the 200-period moving average on the hourly chart could attract buyers.
- The recent all-time high around $64,800 is now resistance; buyers will need to push past this level to resume the long-term uptrend.
- Wednesday's re-test of the $61,000 breakout level is constructive and suggests selling pressure will remain limited over the short-term.
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.
