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Markets

Bitcoin Pullback Could Stabilize Around $60K Support

Upside momentum is slowing, although pullbacks remain limited.

By Damanick Dantes
AccessTimeIconNov 15, 2021 at 11:00 p.m. UTC
Updated May 11, 2023 at 5:12 p.m. UTC
Bitcoin's four-hour price chart. Lower chart shows a neutral reading on the RSI indicator. (Damanick Dantes/CoinDesk, TradingView)

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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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Damanick Dantes
Damanick Dantes

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.