Share this article
BTC
$93,415.03
+
0.78%ETH
$1,761.54
-
0.42%USDT
$1.0003
+
0.01%XRP
$2.1859
+
0.43%BNB
$601.05
-
0.53%SOL
$151.83
+
2.68%USDC
$0.9999
-
0.00%DOGE
$0.1808
+
4.51%ADA
$0.7133
+
4.79%TRX
$0.2441
+
0.19%SUI
$3.3454
+
13.70%LINK
$14.99
+
2.81%AVAX
$22.04
+
0.75%LEO
$9.2319
+
0.69%XLM
$0.2758
+
5.82%SHIB
$0.0₄1391
+
5.64%TON
$3.1997
+
2.95%HBAR
$0.1865
+
5.91%BCH
$355.31
-
2.34%LTC
$83.73
+
2.24%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 Holds Support, Faces Resistance at $60K
The virtual currency is approaching its resistance level.
Bitcoin (BTC) held support around $56,000 during the weekend and was trading at around $58,700 at the time of writing. The next resistance level of about $60,000 is within reach.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The relative strength index (RSI) is now overbought on the hourly chart, although it is not as extreme as it was on May 1 or April 14, which preceded price declines.
- Bitcoin is holding support at the 100-period moving average on the hourly chart. The moving average has been sloping upward for about a week, which points to an improving short-term trend.
- On the daily chart, bitcoin is also above the 50-day and 100-day moving averages and is not yet overbought. Slowing momentum on the weekly chart, however, suggests buyers are still taking profit on rallies.
- For now, BTC is approaching the next level of resistance of $60,000, which triggered short-term overbought conditions during the past few months.
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.
