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Bitcoin Rangebound Between $55K Support and $60K Resistance
The intermediate-term uptrend remains intact.
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.
STORY CONTINUES BELOW
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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.
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.
