Bitcoin [BTC] did not break above resistance around $58k earlier on Tuesday. The cryptocurrency is trading around $56,772 USD at the time of reporting. Buyers could return around the $55k price which held within the weekend sell-off.
The RSI [Relative Strength Index] on the hourly chart registered an overbought signal on Tuesday. The RSI isn’t yet oversold that might keep sellers active towards lower support levels.
Bitcoin is now below the 100-period moving average on the hourly chart as the short-term trend weakens.
Stronger support is around $53k which has limited price declines over the past fortnight. Long-term momentum is deteriorating as purchasers still take profit on rallies.