Share this article
BTC
$106,380.95
-
0.57%ETH
$2,437.80
-
1.00%USDT
$1.0003
-
0.01%XRP
$2.1874
-
1.35%BNB
$650.48
-
0.33%SOL
$148.95
-
1.74%USDC
$1.0001
+
0.00%TRX
$0.2806
+
0.74%DOGE
$0.1603
-
1.52%ADA
$0.5536
-
1.73%HYPE
$37.64
-
3.06%BCH
$506.75
-
3.23%WBT
$44.06
-
0.65%SUI
$2.6959
-
3.32%LINK
$13.03
-
1.38%LEO
$8.9252
-
1.34%AVAX
$17.46
-
0.27%XLM
$0.2320
-
1.87%TON
$2.7952
-
2.69%SHIB
$0.0₄1141
+
0.76%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars
Bitcoin Stabilizes After Pullback; Faces Resistance at $58K
Bitcoin stabilized after a near 5% drop during Asia hours. Momentum is slowing, which could limit rallies.
Bitcoin (BTC) declined about 5% during Asia hours as buyers took profit near the $58,000 resistance level. The cryptocurrency was trading around $56,200 at the time of writing. Price recoveries remain limited around $58,000 and $60,000 as long-term momentum slows.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- BTC held support around the 50-period volume weighted moving average on the four-hour chart, similar to April 29, which preceded a near 10% price rally.
- However, a pattern of lower highs on the four-hour relative strength index (RSI) suggests continued selling on rallies.
- Bitcoin returned below the 50-day moving average and has traded within a tight range since the April 17 sell-off. Lower support is seen around $52,000 which could settle additional profit taking.
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.
Top-Storys
