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Bitcoin Decline Could Stabilize at $60K Support
Short-term upside appears to be limited given the loss of upside momentum.
Bitcoin (BTC) dipped below $65,000 as buyers continue to take some profits. The cryptocurrency was trading at around $64,000 at press time and is down 2% over the past 24 hours.
Lower support is seen at about $60,000, which could stabilize the current pullback.
STORY CONTINUES BELOW
The relative strength index (RSI) on the four-hour chart is near oversold levels, similar to Oct. 27, which preceded a nearly 10% increase in price. This time, however, buyers could face resistance at around $65,000, given the loss of upside momentum this week.
Indicators suggest a period of consolidation could persist after upside exhaustion signals appeared on the charts yesterday. Further, a negative divergence on the daily RSI suggests limited upside over the short term.
The weekly chart shows improving price momentum, although a decisive breakout above $69,000 needs to be confirmed before projecting upside targets.
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.
