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Bitcoin Stabilizes After Weekend Sell-Off; Resistance Around $59K
BTC’s April 13 breakout above $60,000 and subsequent all-time high failed.
The near 15% price drop in bitcoin (BTC) over the weekend triggered oversold readings on intraday charts. Buyers were able to maintain short-term support around $55,000, although there is strong resistance around $58,000-$59,000.
STORY CONTINUES BELOW
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- BTC’s April 13 breakout above $60,000 and subsequent all-time high failed. Slowing upside momentum on daily and weekly chart indicates continued profit taking on rallies.
- The last 15% price drop occurred on March 21, which fully recovered and then consolidated for several weeks.
- The relative strength index (RSI) is now oversold on the four-hour chart, which typically leads to price recoveries similar to April 8 and March 25.
- On the daily chart, BTC is holding support just above its 200-day moving average. If selling pressure returns, the next level of support is around $50,000 and then $42,000.
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.
