Bitcoin Pullback Could Stabilize Around $60K Support
Upside momentum is slowing, although pullbacks remain limited.
Nov 15, 2021 at 11:00 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/C7F4UMZM4FANHBQD2FXZLHXRZ4.png)
Bitcoin (BTC) is consolidating around $63,000 after buyers failed to sustain a price bounce over the weekend.
The cryptocurrency is displaying signs of upside exhaustion on the charts, which suggests further downside is likely, albeit limited toward the $57,000-$60,000 support zone.
The relative strength index (RSI) on the four-hour chart (see above, featured image) registered an oversold signal on Nov. 12, although buyers quickly took profits around the $66,000 resistance level. The RSI is currently neutral, which means a period of consolidation could persist this week.
For now, upside momentum is slowing on the daily chart, indicating risk of a pullback into Asian trading hours.
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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.
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