Share this article
BTC
$82,651.93
+
8.49%ETH
$1,662.86
+
13.06%USDT
$0.9997
+
0.06%XRP
$2.0543
+
14.45%BNB
$582.07
+
5.32%SOL
$118.94
+
13.20%USDC
$0.9999
-
0.01%DOGE
$0.1607
+
13.28%ADA
$0.6326
+
13.60%TRX
$0.2389
+
3.44%LEO
$9.3802
+
4.27%LINK
$12.65
+
16.02%TON
$3.1584
+
6.07%AVAX
$18.44
+
14.38%XLM
$0.2424
+
9.63%SUI
$2.2250
+
15.61%HBAR
$0.1686
+
15.57%SHIB
$0.0₄1195
+
12.42%OM
$6.8095
+
9.71%BCH
$303.53
+
12.95%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Bitcoin Holds Support, Faces Resistance at $58K-$60K
BTC buyers continue to take profits on recoveries.
Bitcoin (BTC) held support at around $54,000 after buyers took profits at around the $58,000 resistance level on Thursday. The cryptocurrency was trading at about $56,500 at the time of writing.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Although the short-term trend is improving, traders have been quick to take profits on rallies. Slowing momentum is typical of a consolidation phase, which suggests traders are taking a breather following a nearly twofold price increase in BTC over the past year.
- Bitcoin remains above the 100-period moving average on the four-hour chart and daily chart. That indicates an improving short-term trend, albeit with resistance at around $58,000.
- BTC has retraced about 50% of the April 14 sell-off from an all-time high of about $64,900.
- The relative strength index (RSI) is neutral across short-term charts and has receded from extreme overbought levels on the long-term weekly chart.
- Initial support is seen at around $54,000 and then at $52,000, which has limited profit-taking during the past week.
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.
