Bitcoin Holds Support Around $53K; Resistance Zone Within Reach
For now, the high-volume sell-off on April 17 suggests capitulation as buyers were quick to defend the price low just above $51,000.
Updated Mar 6, 2023 at 3:07 p.m. UTC
![BTC Hourly Chart](https://www.coindesk.com/resizer/mwjXtv0pQl2-P-Ns3d6SlqGxFec=/567x355/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/4Q3TMAWJIFAXZGQF4E7OCZ27OA.png)
Bitcoin (BTC) held short-term support around $53,000 and is now approaching resistance around $58,000-$59,000. Buyers are entering after a near 15% sell-off triggered oversold readings during the weekend. The cryptocurrency was trading around $56,000 at press time.
- For now, the high-volume sell-off on April 17 suggests capitulation as buyers were quick to defend the price low just above $51,000.
- The drawdown (percentage decline from peak to trough) of the April 17 sell-off was the worst since March 25, but not as extreme as in January.
- Resistance is now seen around the 200-day moving average on the hourly chart, which could limit upside over the short term.
- BTC is attempting to break above a series of price lows from April 17, which suggests support around $53,000 will hold over the short term.
![Chart shows BTC drawdown (percent decline from peak to trough).](https://www.coindesk.com/resizer/oS1xyOM7Dne59qAOXzlm7893t9E=/560x309/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/BDENM7RCFFE7LMDYI6ZKNFXY2M.png)