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

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

Nov 17, 2021 at 7:28 p.m. UTC
Updated Nov 17, 2021 at 9:56 p.m. UTC

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.

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.

DISCLOSURE

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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio manager at Cannon Advisors, which does not invest in digital assets. Damanick does not own cryptocurrencies.

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