Market Wrap: Bitcoin Steady Near $54K; RSI Indicator Warns of Limited Uptrend
After two days of sell-offs, bitcoin bulls finally returned.
The oldest cryptocurrency is looking at a price support level around $54,000, with resistance around $60,000.
Bitcoin traders are increasing their bullish bets in futures markets – and taking more risk.
Philip Gradwell of Chainalysis said on CoinDesk TV that “relatively little” ether was bought above $1,850 and even less was bought at $2,000 or above.
$60K is a key psychological level that has also proven a formidable stopping point during this year’s powerful rally.
The quick recovery to near $58,000 demonstrates stronger confidence from investors in the oldest and largest cryptocurrency.