Bitcoin Steady at Resistance; Support Around $57K-$58K

Bitcoin traded in a tight range during Asian hours; resistance around $60K and support around $57K-$58K.

Apr 1, 2021 at 11:26 a.m. UTC
Updated Sep 14, 2021 at 12:34 p.m. UTC

Bitcoin (BTC) continues to struggle near the $60,000 resistance level. The cryptocurrency traded in a tight range during Asia hours, with initial support around $57,000 and $58,000.

  • BTC’s oversold bounce from $50,000 support remains intact on the hourly chart, which fully retraced the nearly 15% sell-off of last week.
  • Buyers are taking profit around $60,000 as upside momentum slows.
  • The relative strength index (RSI) on the hourly chart is back in neutral territory, which occurred during previous support levels this week.
  • Buyers will need to defend initial support around $57,000 and $58,000 to sustain the intraday uptrend.
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