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Bitcoin Reclaims Support; Approaching Resistance Near $56K-$58K
Bitcoin has retraced roughly 38% of the sell-off from May 3 as the short-term trend improves.
Bitcoin (BTC) is holding support around $55,400 at the time of writing as buyers attempt to erase Tuesday’s losses. Resistance is seen around $56,000 and $58,000, where traders have taken profit over the past few months.
STORY CONTINUES BELOW
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- The relative strength index (RSI) on the hourly chart is not yet overbought, which suggests about 2%-3% upside to next resistance.
- Bitcoin remains in a tight range as a pattern of lower highs on the RSI suggests slowing momentum and continued profit taking on rallies.
- On the daily chart, support around the 100-day moving average preceded price recoveries on April 25 and on May 4 around $53,000. This suggests selling pressure has been limited as BTC consolidates.
- For now, bitcoin has retraced roughly 38% of the sell-off from May 3 as the short-term trend improves.
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.
