Bitcoin Uptrend Intact After Month-Long Consolidation; All-Time High Within Reach
Intraday overbought signals are not yet extreme, which should keep buyers active towards $60,000-$61,000.
Updated Mar 6, 2023 at 3:11 p.m. UTC
![BTC Daily Price Chart](https://www.coindesk.com/resizer/u8kGo8hTsdCNonw6Z7uOwL4QhKg=/567x409/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/VE6A7P47JNC6PDUHMIIDC7PJ2Q.png)
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.