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Bitcoin Rally Stalls; Could Find Support at $63K-$65K
Buyers could return on price dips into the Asian trading session.
Bitcoin (BTC) is giving up some gains after reaching an all-time high near $68,500 on Monday. The cryptocurrency is overbought on intraday charts, although support around the $63,000-$65,000 range could stabilize a pullback.
The relative strength index (RSI) on the four-hour chart is the most overbought since Oct. 20, which preceded a near-10% price decline. Still, pullbacks have been shallow over the past few weeks as buyers remain active on breakouts.
STORY CONTINUES BELOW
The 100-day moving average on the four-hour chart is sloping upward, indicating positive trend strength over the short term. This means buyers could eventually return on price dips into the Asian trading session.
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.
