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Bitcoin Finding Support at $54K After Failing to Hold Above $60K: Technical Analysis

Profit taking around $60,000 opens the door to lower support around $54,000, causing a bit of whiplash for bitcoin traders.

By Damanick Dantes
Updated Mar 6, 2023, 3:33 p.m. Published Mar 15, 2021, 11:26 a.m.
Bitcoin Struggles To Hold $60,000

Bitcoin (BTC) made a new all-time-high this weekend, but the move was short-lived. The uptrend from January continues to slow, which is probably causing some profit taking. Traders will likely defend lower support.

STORY CONTINUES BELOW
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  • Initial support is around $54,000 on intra-day charts. On the daily chart, the uptrend remains intact, with lower support around $45,000.
  • Upside momentum is slowing, defined by lower highs on the 14-day relative strength index (RSI).
Bitcoin PriceTechnical Analysiscryptocurrencies
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.

Damanick Dantes