Bitcoin Pauses After Breakout to All-Time High, Support Around $62K

BTC buyers have taken some profit, but support is nearby.

AccessTimeIconApr 14, 2021 at 11:21 a.m. UTC
Updated Mar 6, 2023 at 2:54 p.m. UTC

Bitcoin (BTC) is taking a breather after breaking out to a fresh all-time high, and the cryptocurrency is now trading above $64,000 for the first time. Buyers have taken some profit during Asian trading hours after overbought conditions appeared on intraday charts, but support is nearby at about $62,000.

  • BTC continues to hold above its 50-period volume weighted moving average on the hourly chart. Prior resistance around $61,000-$62,000 is now support.
  • The relative strength index (RSI) on the hourly chart reached overbought levels on Tuesday and failed to make a new high despite an additional 3% rise in the BTC price. This indicates slowing upside momentum, which typically precedes brief pullbacks.
  • The broader uptrend remains intact and “we might quickly be looking at $65,000 as the next pocket of sell liquidity,” Chad Steinglass, head of trading at CrossTower, a digital asset trading firm, wrote in an email to CoinDesk.
  • For now, consecutive daily closes above $61,742 could result in further upside toward $69,121 over the short term, according to Katie Stockton of Fairlead Strategies. If the breakout is left unconfirmed, however, BTC could see a setback toward lower support around the 50-day moving average.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.