- 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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