Bitcoin Struggles Near $60K; Short-Term Support Around $58K

Bitcoin struggled near $60K again; support is nearby around $58K as buyers take some profit.

AccessTimeIconApr 12, 2021 at 11:20 a.m. UTC
Updated Mar 6, 2023 at 2:59 p.m. UTC
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Over the weekend, bitcoin (BTC) tested resistance around $61,000 twice before sellers gained control. Bitcoin’s struggle near its all-time high has been a consistent theme since February as the uptrend consolidates. Initial support is around $58,000 on the four-hour chart.

  • BTC held support around $50,000 on March 25 after retracing nearly 50% of its rally from the Feb. 28 price low.
  • Since then, BTC’s near 19% rally has stabilized, breaking above a series of lower price highs from April 1 and holding support from the 200-period moving average.
  • The cryptocurrency is now overbought, defined by its relative strength index (RSI) on the four-hour chart.
  • Previous overbought signals have preceded 5%-10% declines over the past month and have all occurred near $58,000-$60,000 resistance areas.
  • A decisive break above $60,000 is needed to reignite the broader uptrend. For now, short-term buyers remain active at higher support levels since February.

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