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Bitcoin Fails to Break $60K; Short-Term Support Near $56K
BTC will need to break above $60,000 to resume the uptrend.
Bitcoin (BTC) declined by about 5% during the weekend as sellers remained active at the $60,000 resistance level. The cryptocurrency stabilized at support near $56,000, but the intraday trend has weakened.
STORY CONTINUES BELOW
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- The relative strength index (RSI) on the hourly chart is the most oversold since March 25, which preceded a near 20% price rally.
- However, oversold price moves have been limited to resistance near the 200-period moving average, similar to March 22-24.
- The uptrend on the hourly chart has weakened, with initial support around $56,000 and lower support around $54,000.
- BTC will need to break above $60,000 to resume the uptrend. But for now, buyers who have been active at support are met with sellers at resistance – typical of a consolidation phase.
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.
