Cryptocurrency News

Bitcoin Price Analysis – New Resistance Range Between $58k To $60k.

The price of the leading cryptocurrency, Bitcoin [BTC] broke above initial resistance at $56K as buyers plan to retrace the 14th April sell-off. The subsequent level of resistance is seen around $60k and slightly below the all-time high around $62k.

Bitcoin’s short-term trend is improving as the 100-period moving average on the 4-hour chart is beginning to slope upward.

The RSI [Relative Strength Index] on the 4-hour chart isn’t yet overbought, which could keep buyers active towards higher resistance levels.

New support levels are seen around $56k which limited profit during a pullback earlier in April.

Bitcoin has retraced roughly 60% of the 14th April sell-off and has traded within a wide selection range between $42k and $64k over the past few months.

Bitcoin Price Analysis - New Resistance Range Between $58k To $60k.

Leave a Comment

Your email address will not be published.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