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Markets

Bitcoin Holding Support at $60K; Could Face Resistance at $63K-$65K

The long-term uptrend remains intact despite slowing price momentum.

By Damanick Dantes
AccessTimeIconNov 17, 2021 at 9:56 p.m. UTC
Updated May 11, 2023 at 5:12 p.m. UTC
Upward sloping moving averages indicate trend support, although the RSI in second panel shows slowing momentum. (TradingView/CoinDesk)
Upward sloping moving averages indicate trend support, although the RSI in second panel shows slowing momentum. (TradingView/CoinDesk)

Bitcoin (BTC) is stabilizing around the $60,000 support level after declining about 15% from an all-time high near $69,000.

The cryptocurrency is roughly flat over the past 24 hours and could see further upside toward the $63,000-$65,000 resistance zone.

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Both the 50-day and 100-day moving averages are sloping upward, indicating a positive intermediate-term trend. This means buyers could remain active on pullbacks given strong price support above $53,000.

For now, the relative strength index (RSI) on the daily chart is below a neutral reading of 50, which means a period of consolidation could continue until a decisive breakout or breakdown is confirmed.

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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.