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Bitcoin Stabilizes After Weekend Sell-Off; Resistance Around $58K
BTC is attempting to break above a series of lower price highs from April 14, which could stabilize the short-term downtrend.
Bitcoin (BTC) is holding support above $50,000 after reaching oversold levels last week. The cryptocurrency was trading around $53,400 at press time. The next resistance level is roughly 8% higher, around $58,000.
STORY CONTINUES BELOW
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- BTC had a near 5% sell-off around $47,000 on April 25, although buyers were quick to settle prices back above the $50,000 mark.
- The relative strength index (RSI) on the four-hour chart registered an oversold reading on April 17 and made a higher low on April 23. This bullish divergence could keep buyers active towards the next level of resistance around $56,000-$58,000.
- BTC is attempting to break above a series of lower price highs from April 14, which could stabilize the short-term downtrend.
- On the daily chart, BTC held support at the 100-day moving average after the RSI reached oversold levels for the first time since September 2020. The weekly RSI is still receding from extreme overbought levels.
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.
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