Bitcoin Held Support at $53K, Faces Initial Resistance Around $60K

Initial signs of downside exhaustion could stabilize the intermediate-term uptrend from July.

Nov 24, 2021 at 7:09 p.m. UTC
Updated Nov 24, 2021 at 7:41 p.m. UTC

Bitcoin (BTC) is holding support above its 100-day moving average, which is currently at $53,700. The cryptocurrency was trading around $57,000 at press time and could see further upside toward the $60,000 resistance level over the short term.

The relative strength index (RSI) on the daily chart is almost oversold, similar to what occurred in late-July and September, which preceded near-50% price rallies. Still, buyers will need to break above the $60,000-$65,000 resistance zone in order to yield upside price targets.

Price momentum is slowing on the daily chart, although initial signs of downside exhaustion could stabilize the intermediate-term uptrend from July. Volatility will likely return into the U.S. Thanksgiving holiday, which could lead to sharp price movements over the weekend.

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.