Share this article
BTC
$108,750.41
-
0.69%ETH
$2,813.39
+
1.60%USDT
$0.9999
+
0.01%XRP
$2.2972
+
0.07%BNB
$666.88
-
0.05%SOL
$163.05
-
0.28%USDC
$0.9996
+
0.01%DOGE
$0.1956
+
0.58%TRX
$0.2815
-
3.17%ADA
$0.7064
-
0.19%HYPE
$42.21
+
2.85%SUI
$3.4277
-
0.62%LINK
$15.15
-
0.70%AVAX
$21.76
-
2.02%BCH
$441.19
+
1.25%XLM
$0.2788
+
0.24%LEO
$9.0177
+
2.02%TON
$3.2481
-
1.82%SHIB
$0.0₄1319
-
0.01%HBAR
$0.1756
-
2.36%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars
Advertisement
Bitcoin's Recovery Stalls; Lower Support Around $52K
Bitcoin buyers are losing strength as the recovery from the April 17 sell-off stalls.
Bitcoin (BTC) has traded in a tight range over the past few days, which suggests buyers are losing strength. The recovery from the April 17 sell-off appears weak with a cluster of resistance levels from $56,000-$59,000. The cryptocurrency was trading around $55,000 at press time.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- BTC has broken its uptrend since March on the four-hour chart and failed to reverse a series of lower price highs since April 1.
- Support is seen around the April 17 sell-off low just below $52,000.
- The relative strength index (RSI) on the four-hour chart registered an oversold reading during the weekend sell-off and is now neutral.
- BTC is back in a consolidation phase that began around February. Since then, price rallies have been limited around the $60,000 resistance zone with frequent drawdowns of roughly 15%-20%.
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.
Top Stories
