Share this article
BTC
$83,093.44
-
0.43%ETH
$1,797.38
-
0.72%USDT
$0.9998
+
0.01%XRP
$2.1084
-
1.25%BNB
$591.26
-
0.62%SOL
$119.17
-
1.42%USDC
$1.0001
+
0.01%DOGE
$0.1657
-
1.98%ADA
$0.6400
-
2.42%TRX
$0.2368
-
0.54%LEO
$9.1473
+
2.52%LINK
$12.67
-
1.50%TON
$3.2487
-
1.92%XLM
$0.2497
-
2.90%SHIB
$0.0₄1216
-
1.52%AVAX
$17.26
-
5.09%SUI
$2.1607
-
3.32%HBAR
$0.1583
-
2.38%LTC
$81.73
-
2.57%OM
$6.2371
-
0.50%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Bitcoin Held Support at $53K, Faces Initial Resistance Around $60K
Initial signs of downside exhaustion could stabilize the intermediate-term uptrend from July.
Bitcoin (BTC) is holding support above its 100-day moving average, which is currently at $53,700. The cryptocurrency was trading around $57,000 at press time and could see further upside toward the $60,000 resistance level over the short term.
The relative strength index (RSI) on the daily chart is almost oversold, similar to what occurred in late-July and September, which preceded near-50% price rallies. Still, buyers will need to break above the $60,000-$65,000 resistance zone in order to yield upside price targets.
STORY CONTINUES BELOW
Price momentum is slowing on the daily chart, although initial signs of downside exhaustion could stabilize the intermediate-term uptrend from July. Volatility will likely return into the U.S. Thanksgiving holiday, which could lead to sharp price movements over the weekend.
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.
