Bitcoin Stabilizes After Sell-off, Resistance Seen Around $56K

For now, bitcoin continues to hold long-term trend support above $50,000, with lower support around $42,000.

AccessTimeIconMar 25, 2021 at 11:33 a.m. UTC
Updated Sep 14, 2021 at 12:31 p.m. UTC

The near 10% sell-off in bitcoin (BTC) during Asian hours has stabilized around $52,000. Bitcoin is now oversold on the four-hour chart, which could support a slight recovery towards $56,000.  

  • The last oversold reading on the relative strength index (RSI) resulted in a near 7% rise in BTC on March 22. However, the move was short-lived as sellers were active around the $56,000 resistance level.
  • Bitcoin is now roughly 10% below its break of trend support on the four-hour chart and has erased about 50% of its rally from the Feb. 28 price low.
  • For now, bitcoin continues to hold long-term trend support above $50,000, with lower support around $42,000.
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.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC