Bitcoin Holds Support, Approaching Resistance Around $60K

The long-term uptrend in bitcoin (BTC) remains intact, with support around $50,000. However, upside momentum continues to slow as bitcoin consolidates below the $60,000 resistance level.

The daily relative strength index (RSI) is back in neutral territory after reaching overbought levels earlier this month.
Previous episodes of RSI moving from overbought to neutral resulted in price recoveries along the 50-day volume weighted moving average.
Traders should monitor the break below trend support on the four-hour chart, which could limit upside around $58,000-$60,000.

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Damanick Dantes

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