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.

AccessTimeIconApr 20, 2021 at 11:35 a.m. UTC
Updated Mar 6, 2023 at 3:07 p.m. UTC

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.
CoinDesk - Unknown
Chart shows BTC drawdown (percent decline from peak to trough).

DISCLOSURE

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 consensus.coindesk.com to register and buy your pass now.