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Bitcoin Holds Support Around $53K; Resistance Zone Within Reach
For now, the high-volume sell-off on April 17 suggests capitulation as buyers were quick to defend the price low just above $51,000.
Updated Mar 6, 2023, 3:07 p.m. Published Apr 20, 2021, 11:35 a.m.
Bitcoin (BTC) held short-term support around $53,000 and is now approaching resistance around $58,000-$59,000. Buyers are entering after a near 15% sell-off triggered oversold readings during the weekend. The cryptocurrency was trading around $56,000 at press time.
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- For now, the high-volume sell-off on April 17 suggests capitulation as buyers were quick to defend the price low just above $51,000.
- The drawdown (percentage decline from peak to trough) of the April 17 sell-off was the worst since March 25, but not as extreme as in January.
- Resistance is now seen around the 200-day moving average on the hourly chart, which could limit upside over the short term.
- BTC is attempting to break above a series of price lows from April 17, which suggests support around $53,000 will hold over the short term.
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Altcoins plunge as bitcoin's $85,000 test triggers $550 million in liquidations
Solana tumbled below $120 to its weakest price since April, while SUI, DOGE and ADA also fell sharply.
需要了解的:
- Bitcoin is teetering on the brink of falling below $85,000 level, accelerating declines in the crypto market.
- Altcoins such as SOL, Cardano, ADA, SUI and dogecoin led Thursday's drop.
- $550M in liquidations hit derivatives markets, but analysts said the pullback looks like orderly deleveraging rather than full-blown panic.
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