Bitcoin Returns Above $58K as Momentum Improves
Buyers will need to clear $60K resistance to maintain an uptrend.
Nov 29, 2021 at 8:10 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/57T7HF3MZJEBPNJ3BG756TP3EY.png)
Bitcoin daily price chart shows support/resistance with RSI in second panel. (Damanick Dantes/CoinDesk, TradingView)
Bitcoin (BTC) is holding support above its 100-day moving average, currently around $54,200, as last week’s sell-off stabilizes.
The cryptocurrency was trading around $58,000 at press time and could face initial resistance at $60,000-$63,000.
Price momentum is starting to recover on the daily chart, which suggests buyers could remain active into the Asia trading day. Additionally, the relative strength index (RSI) on the daily chart is near oversold levels similar to what occurred in late September, which preceded a price rally.
For now, buyers will need to clear resistance in order to yield further upside targets. Longer-term indicators have shifted neutral as buyers failed to sustain an all-time high near $69,000 over the past month.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/www.coindesk.com/resizer/XTMlnvzxCMnzHK_npTPd1O1pxuk=/arc-photo-coindesk/arc2-prod/public/AYI2A2FHEBFJJNFJQRYJ7H4BGA.png)
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.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.