Share this article
BTC
$106,764.64
+
1.67%ETH
$2,541.41
+
1.99%USDT
$1.0002
+
0.02%XRP
$2.3648
+
0.61%BNB
$654.55
+
1.80%SOL
$169.95
+
1.85%USDC
$0.9997
+
0.02%DOGE
$0.2278
+
2.92%ADA
$0.7571
+
3.65%TRX
$0.2708
-
0.82%SUI
$3.8918
+
1.64%LINK
$15.86
+
1.79%AVAX
$22.80
+
3.28%XLM
$0.2910
+
2.71%HYPE
$26.54
+
2.26%SHIB
$0.0₄1462
+
2.26%HBAR
$0.1958
+
1.29%LEO
$8.7739
+
0.92%BCH
$398.05
+
2.85%TON
$3.0587
+
0.18%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Bitcoin Breaks Below Short-Term Uptrend, Lower Support Around $50K
Bitcoin's uptrend continues to slow after breaking short-term support.
Sellers were active during Asia hours, pushing bitcoin (BTC) below intraday trend support. The broader uptrend continues to slow, with lower support around $50,000 and then $42,000.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- BTC is roughly 15% below its March high after failing to sustain moves above $61,000.
- Sideways trading over the past few days resulted in a 10% decline from trend line support on the four-hour chart.
- The relative strength index (RSI) is now oversold on the four-hour chart, which could encourage minor short covering at current levels.
- Resistance around $58,000 could limit short-term recoveries, especially as the longer-term trend continues to slow, as CoinDesk has reported.
- “We expect the long-term uptrend to moderate as intermediate-term overbought conditions are absorbed,” said Katie Stockton, managing partner of Fairlead Strategies. “Initial support for bitcoin remains near $42,000, far enough below current levels to dictate attention to risk management for long positions.”
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.
