Share this article
BTC
$79,866.38
+
3.32%ETH
$1,578.29
+
3.87%USDT
$0.9997
+
0.02%XRP
$1.9443
+
7.81%BNB
$564.19
+
2.90%USDC
$0.9999
+
0.00%SOL
$110.60
+
7.49%DOGE
$0.1549
+
9.31%TRX
$0.2361
+
4.21%ADA
$0.6026
+
9.62%LEO
$8.9861
+
0.66%TON
$3.1399
+
2.76%LINK
$11.70
+
6.58%XLM
$0.2358
+
5.36%AVAX
$17.30
+
9.17%HBAR
$0.1608
+
15.87%SUI
$2.0596
+
10.19%SHIB
$0.0₄1136
+
2.23%OM
$6.3083
+
2.59%BCH
$281.68
+
6.08%Sign Up
- Back to menuNews
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menuSponsored
- Back to menu
- Back to menu
- Back to menuResearch
- Back to menuWebinars & Events
- Back to menu
Bitcoin's Recovery Stalls; Lower Support Around $52K
Bitcoin buyers are losing strength as the recovery from the April 17 sell-off stalls.
Bitcoin (BTC) has traded in a tight range over the past few days, which suggests buyers are losing strength. The recovery from the April 17 sell-off appears weak with a cluster of resistance levels from $56,000-$59,000. The cryptocurrency was trading around $55,000 at press time.
Story continues
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- BTC has broken its uptrend since March on the four-hour chart and failed to reverse a series of lower price highs since April 1.
- Support is seen around the April 17 sell-off low just below $52,000.
- The relative strength index (RSI) on the four-hour chart registered an oversold reading during the weekend sell-off and is now neutral.
- BTC is back in a consolidation phase that began around February. Since then, price rallies have been limited around the $60,000 resistance zone with frequent drawdowns of roughly 15%-20%.
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.
