Bitcoin Recedes From All-Time High; Approaching Support

Bitcoin (BTC) sellers remain active from the April 14 all-time high just below $65,000. The largest cryptocurrency was trading around $60,300 at press time as it re-tests support around the 200-period moving average on the four-hour chart.

The April 13 breakout above $61,000 provides an initial support zone for BTC, which could stabilize the current sell-off.
BTC is roughly 7% lower from its all-time high, similar to the April 1 pullback that was limited to the 200-period moving average on the four-hour chart.
The relative strength index (RSI) is approaching oversold territory on the four-hour chart, which typically precedes buying strength.
BTC must hold above $60,000 to confirm the breakout, which could override slowing momentum on longer term charts. For now, buyers continue to take profit on rallies.

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Damanick Dantes

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