The long-term uptrend in bitcoin (BTC) has stabilized after the price held support around $50,000 last week. Resistance is seen at $60,000, pending a breakout to a new all-time-high.
- BTC held support at the 50-day volume weighted average, which has preceded strong rallies this year.
- Lower highs on the daily relative strength index (RSI) suggests caution, although downside has been well supported around the neutral mark.
- Intraday overbought signals are not yet extreme, which should keep buyers active towards $60,000-$61,000.
- Lower support around $42,000 was defined by the February 8 breakout. Although the price successfully retested that level on February 28, which reignited the uptrend. Traders should adjust support levels higher to around $52,000.
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.