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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
- 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.
