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Bitcoin Rangebound Between $55K Support and $60K Resistance

The intermediate-term uptrend remains intact.

Updated May 11, 2023, 4:27 p.m. Published Dec 1, 2021, 11:26 p.m.

Bitcoin daily price chart shows support/resistance with MACD up top and RSI on bottom (Damanick Dantes/CoinDesk, TradingView)

Bitcoin’s (BTC) price momentum is improving, which could limit further downside between the $53,000-$55,000 support range.

Buyers will need to make a decisive move above $60,000 resistance to yield an upside target toward the all-time price high of nearly $69,000.

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For now, BTC is trading in a tight range and has been roughly flat over the past week. The relative strength index (RSI) on the daily chart is rising from oversold levels of last week, which typically precedes a price bounce.

Support remains intact given the upward-sloping, 100-day moving average. This indicates a positive intermediate-term trend, which could encourage additional buying on pullbacks.