Bitcoin Stabilizes Near $60K Support; Faces Resistance at $63K-65K
Short-term indicators suggest limited downside into Asian trading hours.
Updated May 11, 2023 at 4:26 p.m. UTC
![Bitcoin four-hour price chart reveals an "oversold" reading based on the RSI indicator (lower chart). (Damanick Dantes/CoinDesk, TradingView)](https://www.coindesk.com/resizer/MhQ_XV0zq8vW3mJMjjBQKlDtm1I=/567x425/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/ABIIS7FRLJFNVAWDPTTDKCUYYI.png)
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.
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.