Bitcoin Strengthens; Faces Resistance Around $60K-$62K
BTC could face resistance near the all-time high on improving trend strength.
May 6, 2021 at 11:28 a.m. UTCUpdated Mar 2, 2023 at 10:31 p.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/2TFUOYSMVJEQXKA2HC3XX5UR5E.png)
Bitcoin (BTC) broke above initial resistance at $56,000 as buyers attempt to retrace the April 14 sell-off. The next level of resistance is seen around $60,000 and just below the all-time high around $62,000.
STORY CONTINUES BELOW
- Bitcoin’s short-term trend is improving as the 100-period moving average on the four-hour chart is starting to slope upward.
- The relative strength index (RSI) on the four-hour chart is not yet overbought, which could keep buyers active towards higher resistance levels.
- Support is seen around $56,000 which limited profit during a pullback in early April.
- Bitcoin has retraced roughly 60% of the April 14 sell-off and has traded in a wide range between $42,000 and $64,000 over the past few months.
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)