Share this article
BTC
$95,431.15
+
2.17%ETH
$1,804.47
+
1.81%USDT
$1.0007
+
0.02%XRP
$2.2055
-
0.38%BNB
$605.52
+
0.88%SOL
$152.70
+
0.98%USDC
$0.9999
-
0.00%DOGE
$0.1840
+
1.51%ADA
$0.7241
-
1.21%TRX
$0.2437
-
1.32%SUI
$3.7188
+
10.98%LINK
$15.24
+
1.45%AVAX
$22.70
+
1.44%XLM
$0.2876
+
3.50%HBAR
$0.1999
+
6.70%LEO
$9.0360
-
2.01%SHIB
$0.0₄1407
+
3.60%TON
$3.2434
+
1.73%BCH
$378.60
+
7.27%LTC
$87.18
+
4.43%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Bitcoin Stabilizes After Weekend Sell-Off; Resistance Around $59K
BTC’s April 13 breakout above $60,000 and subsequent all-time high failed.
The near 15% price drop in bitcoin (BTC) over the weekend triggered oversold readings on intraday charts. Buyers were able to maintain short-term support around $55,000, although there is strong resistance around $58,000-$59,000.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- BTC’s April 13 breakout above $60,000 and subsequent all-time high failed. Slowing upside momentum on daily and weekly chart indicates continued profit taking on rallies.
- The last 15% price drop occurred on March 21, which fully recovered and then consolidated for several weeks.
- The relative strength index (RSI) is now oversold on the four-hour chart, which typically leads to price recoveries similar to April 8 and March 25.
- On the daily chart, BTC is holding support just above its 200-day moving average. If selling pressure returns, the next level of support is around $50,000 and then $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.
