Share this article
BTC
$104,420.19
+
0.10%ETH
$2,554.76
+
1.55%USDT
$0.9999
-
0.01%XRP
$2.4220
+
2.02%BNB
$669.60
+
1.99%SOL
$175.85
+
0.98%USDC
$0.9999
+
0.01%DOGE
$0.2480
+
6.22%ADA
$0.8266
+
3.51%TRX
$0.2699
+
2.82%SUI
$4.1838
+
5.53%LINK
$17.37
+
4.64%AVAX
$25.62
+
3.50%PI
$1.5036
+
56.94%SHIB
$0.0₄1737
+
9.19%XLM
$0.3146
+
2.86%HBAR
$0.2140
+
3.36%TON
$3.4935
+
3.08%HYPE
$25.19
+
1.89%BCH
$415.44
+
0.56%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Advertisement
Bitcoin Stalls at Resistance; Could Face Lower Support at $56K
However, if BTC breaks below $57,000, buyers will likely wait to enter around lower support at $56,000.
Buyers continued to take profit around $59,000 after a near 5% rise in bitcoin (BTC) on Sunday. The cryptocurrency is currently at support, trading around $57,800 at the time of writing. Stronger support is seen around the $56,000 level.
STORY CONTINUES BELOW
- Bitcoin is trading near the 100-period moving average on the hourly chart, which suggests profit taking could stabilize during the day.
- However, if BTC breaks below $57,000, buyers will likely wait to enter around lower support at $56,000.
- The relative strength index (RSI) on the hourly chart is not yet oversold, which means price could face further downside after failing to hold above $59,000 over the weekend.
- Bitcoin has retraced about 23% of the recovery from the May 4 low around $53,000. The cryptocurrency continues to consolidate within a broader 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.
