Share this article
BTC
$87,431.32
+
3.45%ETH
$1,644.72
+
3.31%USDT
$0.9998
+
0.02%XRP
$2.1328
+
3.40%BNB
$604.17
+
2.02%SOL
$140.10
+
0.64%USDC
$0.9997
+
0.01%DOGE
$0.1617
+
4.28%TRX
$0.2448
+
0.45%ADA
$0.6449
+
3.87%LINK
$13.55
+
3.56%LEO
$9.4466
+
1.41%AVAX
$20.57
+
4.86%XLM
$0.2607
+
7.06%TON
$3.0341
+
1.98%SHIB
$0.0₄1265
+
3.25%SUI
$2.2649
+
6.62%HBAR
$0.1731
+
6.39%BCH
$341.73
+
2.25%LTC
$80.85
+
5.82%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 $58K-$60K
BTC buyers continue to take profits on recoveries.
Bitcoin (BTC) held support at around $54,000 after buyers took profits at around the $58,000 resistance level on Thursday. The cryptocurrency was trading at about $56,500 at the time of writing.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Although the short-term trend is improving, traders have been quick to take profits on rallies. Slowing momentum is typical of a consolidation phase, which suggests traders are taking a breather following a nearly twofold price increase in BTC over the past year.
- Bitcoin remains above the 100-period moving average on the four-hour chart and daily chart. That indicates an improving short-term trend, albeit with resistance at around $58,000.
- BTC has retraced about 50% of the April 14 sell-off from an all-time high of about $64,900.
- The relative strength index (RSI) is neutral across short-term charts and has receded from extreme overbought levels on the long-term weekly chart.
- Initial support is seen at around $54,000 and then at $52,000, which has limited profit-taking during the past week.
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.
