Share this article
BTC
$87,397.57
+
2.64%ETH
$1,635.90
+
1.51%USDT
$0.9997
-
0.00%XRP
$2.1194
+
1.76%BNB
$600.75
+
1.39%SOL
$139.87
-
0.71%USDC
$0.9997
+
0.00%DOGE
$0.1602
+
1.27%TRX
$0.2446
+
0.21%ADA
$0.6371
+
1.05%LINK
$13.53
+
3.84%LEO
$9.3623
+
0.31%AVAX
$19.99
+
0.61%XLM
$0.2504
+
1.74%TON
$3.0142
+
0.91%SHIB
$0.0₄1266
+
2.69%HBAR
$0.1707
+
2.84%SUI
$2.2074
+
2.30%BCH
$338.43
-
0.39%HYPE
$18.16
-
1.86%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 Consolidates Below $56K Resistance as Buyers Lose Strength
BTC has remained in a consolidation phase since February.
Bitcoin (BTC) is holding short-term support and was trading around $54,000 at press time. The cryptocurrency is now below the 50-day moving average as upside momentum continues to slow. Buyers will need to defend support around $51,000 to stabilize the long-term uptrend.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The relative strength index (RSI) on the daily chart has made a series of lower highs this year, which reflects slowing upside momentum.
- BTC has remained in a consolidation phase since February as buyers were quick to take profit around the $60,000 resistance zone.
- The daily RSI is approaching oversold territory, which will likely occur as price continues to drift below the 50-day moving average.
- Lower support is around $42,000 similar to February 28, which preceded a price rally.
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.
