Market Analysis

Bitcoin Holding Strong Support Over $50k – Next Resistance Level At $58k.

Bitcoin [BTC] is holding support above $50k after reaching oversold levels last week. The cryptocurrency was trading around $53,400 USD at the reporting time. The subsequent resistance level is roughly 8% higher, around $58k.

BTC had a near 5% sell-off around $47k on 25th April, although buyers were quick to settle prices back above the $50k benchmark.

The RSI [Relative Strength Index] on the 4-hour chart registered an oversold reading on 17th April and made a better low on 23rd April. This bullish divergence could keep purchasers active towards the subsequent levels of resistance around $56k to $58k.

BTC is attempting to interrupt above a series of lower-cost highs from 14th April, which could stabilize the short-term downtrend.

On the daily chart, Bitcoin held support at the 100-day moving average after the RSI reached oversold levels for the primary time since September last year. The weekly RSI remains receding from extreme overbought levels.

Leave a Comment

Your email address will not be published. Required fields are marked *