Share this article
BTC
$79,775.19
+
2.20%ETH
$1,579.19
+
0.13%USDT
$0.9995
+
0.00%XRP
$1.9471
+
1.61%BNB
$558.75
+
1.25%USDC
$0.9999
-
0.03%SOL
$108.97
+
2.91%DOGE
$0.1520
+
2.45%TRX
$0.2287
-
0.24%ADA
$0.5941
+
4.46%LEO
$8.9024
+
0.20%TON
$3.1209
+
7.50%LINK
$11.62
+
3.86%XLM
$0.2357
+
2.39%AVAX
$16.89
+
5.76%SHIB
$0.0₄1156
+
2.99%SUI
$2.0688
+
7.95%HBAR
$0.1528
+
9.28%OM
$6.2870
+
6.78%BCH
$277.96
+
2.93%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 Approaching Resistance Near $58K; Support at $50K
Momentum has improved over the past two weeks.
Bitcoin’s (BTC) price continues to rise, now near $56,000, although the rally appears to be exhausted given overbought signals on the charts. The cryptocurrency is up about 14% over the past week and faces resistance between $58,000 and $60,000.
- The relative strength index (RSI) on the four-hour chart is declining from an overbought extreme last week. A negative divergence between the RSI and price typically leads to a brief pullback similar to what occurred in mid-September.
- The RSI on the daily chart is approaching overbought levels, suggesting buyers could exit positions near upper resistance levels.
- Momentum has improved over the past two weeks, which means pullbacks could be limited toward initial support at $50,000.
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.
