Bitcoin Rangebound Between $55K Support and $60K Resistance

Bitcoin’s (BTC) price momentum is improving, which could limit further downside between the $53,000-$55,000 support range.

Buyers will need to make a decisive move above $60,000 resistance to yield an upside target toward the all-time price high of nearly $69,000.

For now, BTC is trading in a tight range and has been roughly flat over the past week. The relative strength index (RSI) on the daily chart is rising from oversold levels of last week, which typically precedes a price bounce.

Support remains intact given the upward-sloping, 100-day moving average. This indicates a positive intermediate-term trend, which could encourage additional buying on pullbacks.

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.

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.