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Bitcoin Strengthens; Faces Resistance Around $60K-$62K
BTC could face resistance near the all-time high on improving trend strength.
Bitcoin (BTC) broke above initial resistance at $56,000 as buyers attempt to retrace the April 14 sell-off. The next level of resistance is seen around $60,000 and just below the all-time high around $62,000.
STORY CONTINUES BELOW
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- Bitcoin’s short-term trend is improving as the 100-period moving average on the four-hour chart is starting to slope upward.
- The relative strength index (RSI) on the four-hour chart is not yet overbought, which could keep buyers active towards higher resistance levels.
- Support is seen around $56,000 which limited profit during a pullback in early April.
- Bitcoin has retraced roughly 60% of the April 14 sell-off and has traded in a wide range between $42,000 and $64,000 over the past few months.
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.
