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Bitcoin Struggles Near Resistance; Could Find Support at $55K

Long-term momentum is deteriorating as buyers continue to take profit on rallies.

May 12, 2021 at 11:25 a.m. UTC
Updated Sep 14, 2021 at 12:54 p.m. UTC

Bitcoin (BTC) failed to break above resistance around $58,000 on Tuesday. The cryptocurrency is trading around $56,200 at the time of writing. Buyers could return around the $55,000 support level which held during the weekend sell-off.

  • The relative strength index (RSI) on the hourly chart registered an overbought signal on Tuesday. The RSI is not yet oversold which could keep sellers active towards lower support levels.
  • Bitcoin is now below the 100-period moving average on the hourly chart as the short-term trend weakens.
  • Stronger support is around $53,000, which has limited price declines over the past two weeks.
  • Long-term momentum is deteriorating as buyers continue to take profit on rallies.

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