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Bitcoin Battles Resistance Near All-Time High as Possible 'Double Top' Looms: Technical Analysis
For now, BTC’s uptrend remains intact.
Bitcoin (BTC) is holding support above its 50-day volume weighted moving average, but the cryptocurrency faces resistance around $58,000. Upside momentum is slowing, with initial support around $52,000 on the 4-hour chart.
STORY CONTINUES BELOW
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- For now, BTC’s uptrend remains intact as buyers on March 8 pushed prices above the $50,000 level for the second time since February, and bitcoin has moved this week back toward its all-time-high around $58,000.
- Momentum, defined by the relative strength index (RSI), is slowing on both intraday charts and the daily chart, diverging from BTC’s price uptrend.
- Traders are on watch for a breakout to fresh all-time highs, but there is concern about a double top forming, which could lead to 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.
