Bitcoin Pauses After Breakout to All-Time High, Support Around $62K

Bitcoin (BTC) is taking a breather after breaking out to a fresh all-time high, and the cryptocurrency is now trading above $64,000 for the first time. Buyers have taken some profit during Asian trading hours after overbought conditions appeared on intraday charts, but support is nearby at about $62,000.

• BTC continues to hold above its 50-period volume weighted moving average on the hourly chart. Prior resistance around $61,000-$62,000 is now support.
• The relative strength index (RSI) on the hourly chart reached overbought levels on Tuesday and failed to make a new high despite an additional 3% rise in the BTC price. This indicates slowing upside momentum, which typically precedes brief pullbacks.
• The broader uptrend remains intact and “we might quickly be looking at $65,000 as the next pocket of sell liquidity,” Chad Steinglass, head of trading at CrossTower, a digital asset trading firm, wrote in an email to CoinDesk.
• For now, consecutive daily closes above $61,742 could result in further upside toward $69,121 over the short term, according to Katie Stockton of Fairlead Strategies. If the breakout is left unconfirmed, however, BTC could see a setback toward lower support around the 50-day moving average.