Bitcoin Drifts Lower; Support Around $54K-$55K

Bitcoin (BTC) is trading lower as oversold moves on the hourly chart have been limited to the 50-hour volume weighted moving average. Buyers have continued to take profits after another failed attempt to move beyond $60,000 on April 1.

BTC remains rangebound with lower support between $54,0000 and $55,000. Currently around $56,700.
Buyers will need to defend support to maintain the uptrend on the daily chart, which continues to show slowing upside momentum.
Technical signals are broadly neutral over the short term and will require a decisive breakout above $60,000 or below $50,000 to derive price targets. For now, buyers and sellers are in a stalemate, responding well to intraday support and resistance levels.
On the hourly chart, BTC has retraced about 50% of its rally from March 25 and is down about 5% for the month to date.

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Bitcoin Drifts Lower; Support Around $54K-$55K

Bitcoin buyers and sellers are in a stalemate as oversold rallies have been limited on intraday charts.

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