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Bitcoin Struggles Near Resistance, Support Around $52K

BTC continues to struggle near resistance and could approach lower support around $52K.

Apr 29, 2021 at 11:22 a.m. UTC
Updated Sep 14, 2021 at 12:48 p.m. UTC

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.

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