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Bitcoin Approaching Resistance Near $58K; Support at $50K
Momentum has improved over the past two weeks.
Bitcoin’s (BTC) price continues to rise, now near $56,000, although the rally appears to be exhausted given overbought signals on the charts. The cryptocurrency is up about 14% over the past week and faces resistance between $58,000 and $60,000.
- The relative strength index (RSI) on the four-hour chart is declining from an overbought extreme last week. A negative divergence between the RSI and price typically leads to a brief pullback similar to what occurred in mid-September.
- The RSI on the daily chart is approaching overbought levels, suggesting buyers could exit positions near upper resistance levels.
- Momentum has improved over the past two weeks, which means pullbacks could be limited toward initial support at $50,000.
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.
