Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

Bitcoin (BTC) dipped below $65,000 as buyers continue to take some profits. The cryptocurrency was trading at around $64,000 at press time and is down 2% over the past 24 hours.

Lower support is seen at about $60,000, which could stabilize the current pullback.

The relative strength index (RSI) on the four-hour chart is near oversold levels, similar to Oct. 27, which preceded a nearly 10% increase in price. This time, however, buyers could face resistance at around $65,000, given the loss of upside momentum this week.

Indicators suggest a period of consolidation could persist after upside exhaustion signals appeared on the charts yesterday. Further, a negative divergence on the daily RSI suggests limited upside over the short term.

The weekly chart shows improving price momentum, although a decisive breakout above $69,000 needs to be confirmed before projecting upside targets.

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.

CoinDesk - Unknown

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

CoinDesk - Unknown

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC