Bitcoin (BTC) continues to stall despite its brief spike toward $56,000 on Wednesday. The cryptocurrency was trading around $54,000 at the time of writing and could approach lower support around $52,000.
- Bitcoin remains in a downtrend on the four-hour chart defined by a series of lower price highs since the April 14 all-time high of around $64,800.
- There is strong resistance from the $60,000 level and around $56,000. The 100-period moving average on the four-hour chart has kept a lid on price movements since the April 17 sell-off.
- The relative strength index (RSI) on the four-hour chart is around neutral territory after reaching overbought levels on Tuesday.
- For now, it appears that buyers are still in profit-taking mode as BTC drifts toward lower support around $52,000. A decisive break above $56,000 is needed to resume the roughly 15% price recovery from the April 25 low.
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.