Bitcoin (BTC) approached resistance just shy of the $60,000 level during Asia hours. The cryptocurrency continues to consolidate with buyers showing limited strength from support levels.

  • Support is around $54,000 on the four-hour chart, which is roughly the midpoint of the month-long consolidation.
  • The four-hour relative strength index (RSI) is now overbought, which could encourage some profit-taking towards lower support levels.
  • The previous RSI overbought signal on March 13 preceded a roughly 13% drop in BTC from its all-time high around $61,000.
  • BTC’s uptrend remains intact on the daily chart with support from oversold bounce at $50,000.
Four-hour BTC chart shows an overbought RSI with support and resistance levels.
Source: TradingView
The leader in blockchain news, 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.