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Bitcoin Stalls at Resistance; Could Face Lower Support at $56K
However, if BTC breaks below $57,000, buyers will likely wait to enter around lower support at $56,000.
Buyers continued to take profit around $59,000 after a near 5% rise in bitcoin (BTC) on Sunday. The cryptocurrency is currently at support, trading around $57,800 at the time of writing. Stronger support is seen around the $56,000 level.
STORY CONTINUES BELOW
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- Bitcoin is trading near the 100-period moving average on the hourly chart, which suggests profit taking could stabilize during the day.
- However, if BTC breaks below $57,000, buyers will likely wait to enter around lower support at $56,000.
- The relative strength index (RSI) on the hourly chart is not yet oversold, which means price could face further downside after failing to hold above $59,000 over the weekend.
- Bitcoin has retraced about 23% of the recovery from the May 4 low around $53,000. The cryptocurrency continues to consolidate within a broader uptrend.
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.
