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Bitcoin Stabilizes Near $60K Support; Faces Resistance at $63K-65K
Short-term indicators suggest limited downside into Asian trading hours.
Bitcoin (BTC) is down about 5% over the past 24 hours after sellers became more active than buyers around the $65,000 resistance level.
The cryptocurrency is stabilizing around $60,000 support and appears to be oversold on intraday charts.
STORY CONTINUES BELOW
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For now, short-term indicators suggest limited downside into Asian trading hours. For example, the relative strength index (RSI) on the four-hour chart is the most oversold since Oct. 27, which preceded a near 10% price bounce.
Still, the RSI on the daily chart is neutral as upside momentum continues to wane. This suggests intraday buyers will be quick to take profits around the $63,000-$65,000 resistance zone.
A period of consolidation could persist over the next few days before BTC establishes a stronger footing around the $60,000 support zone.
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.
