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Bitcoin Struggles at $60K Resistance; Support Above $53K
Short-term downside is likely into the Asia trading day.
Bitcoin (BTC) buyers remained active over the weekend, although upside was limited around the $60,000 resistance level.
The cryptocurrency continues to consolidate, with pullbacks limited toward $53,000 support.
STORY CONTINUES BELOW
Intraday chart signals are neutral, suggesting the current loss of momentum could continue into the Asian trading session. Buyers will need to defend immediate support around $55,000 and decisively break above the short-term downtrend in order to yield further upside targets.
The relative strength index (RSI) on the daily chart is approaching oversold levels, which could support a price recovery similar to what took place in late September. However, previous failed attempts at sustaining an all-time price high near $69,000 is a concern.
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.
