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Bitcoin Eases After Rejection at $58.5K, Support at $54K
A key technical indicator signals that upward momentum may be over.
Bitcoin looks heavy on short-duration technical charts after it failed to keep gains above $58,000 early Thursday. The cryptocurrency was trading near $57,350 at press time.
- On the chart above, the relative strength index (RSI) has decoupled from the rising price since Oct. 6. The indicator’s negative divergence suggests a loss of upward momentum and scope for a pullback.
- The immediate support is seen at $54,000, a level where buyers have consistently stepped in over the past week. A drop below there would allow for a slide to $50,000.
- Progress above daily highs near $58,500 is needed to negate RSI’s bearish divergence and open the doors for new record highs above $64,801.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
