Bitcoin
$60,983.85+0.29%
Ethereum
$2,914.68+0.23%
Binance Coin
$591.53+0.71%
Solana
$144.91+0.10%
XRP
$0.50476230+0.36%
Toncoin
$6.97+3.81%
Dogecoin
$0.14138185-2.00%
Cardano
$0.43781269-1.55%
Shiba Inu
$0.00002250-0.51%
Avalanche
$33.53+0.19%
Tron
$0.12692136-0.09%
Wrapped Bitcoin
$61,121.49+0.38%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to ConsensusThe largest event covering all sides of crypto & Web3
17
DAYS
02
HR
03
MIN
58
SEC
Markets

Bitcoin Returns Above $58K as Momentum Improves

Buyers will need to clear $60K resistance to maintain an uptrend.

By Damanick Dantes
AccessTimeIconNov 29, 2021 at 8:10 p.m. UTC
Updated May 11, 2023 at 4:27 p.m. UTC
Bitcoin daily price chart shows support/resistance with RSI in second panel. (Damanick Dantes/CoinDesk, TradingView)
Bitcoin daily price chart shows support/resistance with RSI in second panel. (Damanick Dantes/CoinDesk, TradingView)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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.

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.

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.