Bitcoin Battles Resistance Near All-Time High as Possible 'Double Top' Looms: Technical Analysis

For now, BTC’s uptrend remains intact.

AccessTimeIconMar 12, 2021 at 12:20 p.m. UTC
Updated Sep 14, 2021 at 12:25 p.m. UTC

Bitcoin (BTC) is holding support above its 50-day volume weighted moving average, but the cryptocurrency faces resistance around $58,000. Upside momentum is slowing, with initial support around $52,000 on the 4-hour chart.

  • For now, BTC’s uptrend remains intact as buyers on March 8 pushed prices above the $50,000 level for the second time since February, and bitcoin has moved this week back toward its all-time-high around $58,000.
  • Momentum, defined by the relative strength index (RSI), is slowing on both intraday charts and the daily chart, diverging from BTC’s price uptrend.
  • Traders are on watch for a breakout to fresh all-time highs, but there is concern about a double top forming, which could lead to profit taking.
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4-hour price chart shows resistance around $58,000 with lower support around the 50-period volume weighted moving average.

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