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Bitcoin Faces Resistance Above $62K After Record Weekly Close
Bitcoin has gained more than 40% this month on speculation the SEC will approve an exchange-traded fund.
Bitcoin ended Sunday (UTC) well above $61,000, confirming its highest weekly close and putting the lifetime price record of $64,801 on the map.
So far, the follow-through has not been impressive. The cryptocurrency was trading near $61,300, having faced rejection around $62,600 early today.
STORY CONTINUES BELOW
- Since Friday, buyers have failed several times to establish a foothold above $62,000. That, coupled with the lower highs on the relative strength index (RSI), indicates scope for a temporary price pullback.
- Failure to defend Sunday’s low of $58,943 may bring stronger selling pressure.
- However, optimism stemming from the U.S. Securities and Exchange Commission’s tacit approval of a bitcoin futures-based exchange-traded fund is likely to keep the cryptocurrency well supported on price dips.
Also read: CME Sees Record Open Interest in Bitcoin Futures Ahead of ETF Debut
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
