Bitcoin Stabilizes Near $60K Support; Faces Resistance at $63K-65K

Short-term indicators suggest limited downside into Asian trading hours.

AccessTimeIconNov 16, 2021 at 6:50 p.m. UTC
Updated May 11, 2023 at 4:26 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Bitcoin (BTC) is down about 5% over the past 24 hours after sellers became more active than buyers around the $65,000 resistance level.

The cryptocurrency is stabilizing around $60,000 support and appears to be oversold on intraday charts.

For now, short-term indicators suggest limited downside into Asian trading hours. For example, the relative strength index (RSI) on the four-hour chart is the most oversold since Oct. 27, which preceded a near 10% price bounce.

Still, the RSI on the daily chart is neutral as upside momentum continues to wane. This suggests intraday buyers will be quick to take profits around the $63,000-$65,000 resistance zone.

A period of consolidation could persist over the next few days before BTC establishes a stronger footing around the $60,000 support zone.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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 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.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.