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.

  • 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.  
Four-hour bitcoin chart shows support and resistance levels with RSI.
Source: TradingView
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.