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Bitcoin Rallies From Support, Resistance Around $60K
But traders should continue to monitor intraday resistance levels as the broader uptrend from January slows.
Bitcoin (BTC) held support around $50,000 after registering an oversold signal on the four-hour relative strength index (RSI). The next level of resistance is seen around $60,000.
STORY CONTINUES BELOW
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- The four-hour RSI is not yet overbought, which could keep buyers active above the $54,000 support level.
- BTC is now breaking above a series of lower price highs from March 13, which suggests the short-term trend is recovering.
- The daily RSI is back in neutral territory, which previously supported strong price rallies.
- However, traders should continue to monitor intraday resistance levels as the broader uptrend from January slows.
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.
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