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Bitcoin Maintains Trend Support at $56K, All-Time High Within Reach Around $61K
The month-long uptrend from $43,000 remains intact, although longer-term signals are weakening.
The short-term uptrend for bitcoin (BTC) is improving, with next resistance at the March all-time high around $61,000. Traders continue to experience choppy price action on intraday charts, but buyers remained active at trend support around $56,000.
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- Bitcoin is currently battling resistance from its February price high around $58,000 while lower support levels continue to attract buyers.
- The month-long uptrend from $43,000 remains intact, although longer-term signals are weakening.
- Momentum on the daily chart continues to diverge from price, defined by lower highs on the relative strength index (RSI).
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.
