Sellers remained active during Asia hours as bitcoin (BTC) trades below its 50-period volume-weighted moving average on the four-hour chart. Resistance around $60,000 has set the tone for profit taking, with lower support seen around $54,000.
- BTC has traded in a range between $50,000 and $60,000 over the past month and has since retraced about 20% of the rally from the March 25 price low.
- Volume has significantly slowed over the past two weeks, which is typical of a consolidation phase and could lead to sharp price moves.
- Selling pressure should continue to cap upside moves on intraday charts as buyers await stronger support around $54,000 and $50,000.
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