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Bitcoin Steady at Resistance; Support Around $57K-$58K
Bitcoin traded in a tight range during Asian hours; resistance around $60K and support around $57K-$58K.
Bitcoin (BTC) continues to struggle near the $60,000 resistance level. The cryptocurrency traded in a tight range during Asia hours, with initial support around $57,000 and $58,000.
STORY CONTINUES BELOW
- BTC’s oversold bounce from $50,000 support remains intact on the hourly chart, which fully retraced the nearly 15% sell-off of last week.
- Buyers are taking profit around $60,000 as upside momentum slows.
- The relative strength index (RSI) on the hourly chart is back in neutral territory, which occurred during previous support levels this week.
- Buyers will need to defend initial support around $57,000 and $58,000 to sustain the intraday 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.
