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Bitcoin Pullback Could Stabilize Around $60K Support

Upside momentum is slowing, although pullbacks remain limited.

Updated May 11, 2023, 5:12 p.m. Published Nov 15, 2021, 11:00 p.m.

Bitcoin's four-hour price chart. Lower chart shows a neutral reading on the RSI indicator. (Damanick Dantes/CoinDesk, TradingView)

BTC$86,563.37 is consolidating around $63,000 after buyers failed to sustain a price bounce over the weekend.

The cryptocurrency is displaying signs of upside exhaustion on the charts, which suggests further downside is likely, albeit limited toward the $57,000-$60,000 support zone.

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The relative strength index (RSI) on the four-hour chart (see above, featured image) registered an oversold signal on Nov. 12, although buyers quickly took profits around the $66,000 resistance level. The RSI is currently neutral, which means a period of consolidation could persist this week.

For now, upside momentum is slowing on the daily chart, indicating risk of a pullback into Asian trading hours.