Bitcoin Battles Resistance Near All-Time High as Possible 'Double Top' Looms: Technical Analysis
For now, BTC’s uptrend remains intact.
Updated Sep 14, 2021 at 12:25 p.m. UTC
![BTC Battles February All-Time-High](https://www.coindesk.com/resizer/crKrNJpu6-_2XJyxgf39OXXmrxI=/567x267/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/RVIGGLI2ABHOPIGY4ULZICFFZI.png)
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.
![4-hour price chart shows resistance around $58,000 with lower support around the 50-period volume weighted moving average.](https://www.coindesk.com/resizer/hLXvzMjcusdYXT58bxPswgHpHU8=/560x323/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/3MQCK4W5LVAFHLDDHMD2ZBW2WU.png)