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:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/4NBLIEKNABFSVIEGFF2DGLOYXA.png)
Bitcoin daily price chart shows support and resistance levels with oversold RSI in second panel.
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.
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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.
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