Bitcoin Uptrend Slows, Stays at $58K, Battles Resistance Near All-Time High

BTC is moving sideways as its short-term uptrend slows.

AccessTimeIconMar 22, 2021 at 11:21 a.m. UTC
Updated Sep 14, 2021 at 12:29 p.m. UTC

Bitcoin (BTC) has been stuck in a range of $54,000 to $60,000 over the past few days. The near 40% rise from the Feb. 28 low is slowing as traders continue to take profit from the March all-time high around $61,000.

  • The 50-period volume weighted moving average (VWMA) on the four-hour chart has flattened over the past week, which signals a slowing uptrend.
  • The last time the VWMA declined was during the February sell-off.
  • A flatter moving average could also be a sign of sideways price action, reflecting indecision between buyers and sellers.
  • Bitcoin will need to defend lower support around $54,000 and break above $61,000 to resume the short-term uptrend.
  • On the daily chart, initial support is around $50,000.
CoinDesk - Unknown

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Bank of England Committee Calls for Enhanced Crypto Regulation to Limit Contagion

The loss $2 trillion of crypto market cap over a period of months has “underscored the need for enhanced regulation,” the Bank of England’s Financial Policy Committee said.

CoinDesk - Unknown
2
CoinDesk - Unknown
Nexo Signs Term Sheet With Vauld for Potential Acquisition

Nexo said it has a 60-day exclusive due diligence period in which to decide if it will acquire up to 100% of Singapore-based Vauld.

CoinDesk - Unknown
3
CoinDesk - Unknown
UK Government Seeks Views on DeFi Taxation

Those wishing to submit evidence have until Aug. 31 to do so.

CoinDesk - Unknown
4
CoinDesk - Unknown
Former JPMorgan Banker Samir Shah Becomes COO at Pantera Capital

Shah joins Pantera after 12 years at JPMorgan spanning roles in sales, strategy and digital.

CoinDesk - Unknown