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Bitcoin Holds Support, Approaching Resistance Around $60K
The daily relative strength index (RSI) is back in neutral territory after reaching overbought levels earlier this month.
Updated Mar 6, 2023, 3:28 p.m. Published Mar 24, 2021, 11:17 a.m.
The long-term uptrend in bitcoin (BTC) remains intact, with support around $50,000. However, upside momentum continues to slow as bitcoin consolidates below the $60,000 resistance level.
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- The daily relative strength index (RSI) is back in neutral territory after reaching overbought levels earlier this month.
- Previous episodes of RSI moving from overbought to neutral resulted in price recoveries along the 50-day volume weighted moving average.
- Traders should monitor the break below trend support on the four-hour chart, which could limit upside around $58,000-$60,000.
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Bitcoin Rebounds to $93K From Post-Fed Lows, but Altcoins Remain Under Pressure
Downward pressure on bitcoin is losing steam, with the market stabilizing but not yet out of the woods, said one analyst.
What to know:
- Bitcoin rebounded from a sharp early selloff on Thursday to trade above $93,000 shortly after the close of U.S. stocks.
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- Downward pressure on bitcoin is losing steam, said one analyst, but the market is not yet out of the woods.
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