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Bitcoin Holds Support at $56K, Resistance at $60K-$63K
Momentum is improving as oversold readings appear on the chart.
Bitcoin (BTC) appears to be oversold, which could support a brief rise toward the $60,000-$63,000 resistance zone.
The cryptocurrency has held short-term support at about $56,000 as selling pressure has stabilized.
STORY CONTINUES BELOW
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The relative strength index (RSI) is rising from oversold levels, similar to what happened on Oct. 27, which preceded a price recovery. On the daily chart, the RSI is approaching oversold levels for the first time since late-September.
Further, bitcoin’s correction from an all-time high of nearly $69,000 appears to be exhausted, which could encourage buyers to return. Momentum is improving into the Asian trading day, although resistance at around $63,000 could limit further upside over the short term.
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.
