Bitcoin (BTC) is currently trading around $62,600, after pushing early Tuesday to a new all-time high above $63,000. After three months of consolidation, buyers have finally regained strength. Support is seen around the breakout zone of $60,000, which should be monitored for confirmation.
- The broader uptrend in BTC remains intact despite slowing momentum on the daily price chart. Buyers have remained active at higher support levels since March, although profit taking at intraday overbought zones signaled a period of indecision.
- BTC has maintained trend support on both the four-hour and daily chart, which should trigger upside volatility.
- BTC is now overbought on intraday charts and could remain in that phase during strong breakouts.
- BTC still faces less upside momentum on the weekly chart, which continues to diverge from the near two-fold price increase since January. However, given the breakout, resistance is now seen around $68,000-$70,000.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.