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Bitcoin Stalls Near Resistance; Support Around $54K
BTC stalled just shy of $60K resistance during Asia hours. Support is around $54K.
Bitcoin (BTC) approached resistance just shy of the $60,000 level during Asia hours. The cryptocurrency continues to consolidate with buyers showing limited strength from support levels.
STORY CONTINUES BELOW
- Support is around $54,000 on the four-hour chart, which is roughly the midpoint of the month-long consolidation.
- The four-hour relative strength index (RSI) is now overbought, which could encourage some profit-taking towards lower support levels.
- The previous RSI overbought signal on March 13 preceded a roughly 13% drop in BTC from its all-time high around $61,000.
- BTC’s uptrend remains intact on the daily chart with support from oversold bounce at $50,000.
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.
