Bitcoin [BTC] is taking a breather after reaching a fresh new all-time high, and therefore the cryptocurrency is now trading over $64k for the primary time. Buyers have taken some profit during Asia hours after overbought conditions appeared on intraday charts, but support is nearby around $62k.
Bitcoin continues to trade above its 50-period volume-weighted moving average on the hourly chart. Prior resistance around $61k to $62k is now support.
The RSI [Relative Strength Index] on the hourly chart reached overbought levels yesterday and did not make a new high despite an additional 3% rise within the Bitcoin price. This means slowing upside momentum which usually precedes brief pullbacks.
The broader uptrend remains intact and “we might quickly be watching $65k as the next pocket of sell liquidity,” revealed Chad Steinglass, head of trading at CrossTower.
For now, consecutive daily closes above $61,742 USD could end in further upside towards $69,121 USD over the short-term, consistent with Katie Stockton of Fairlead Strategies. On the other hand, if the breakout is left unconfirmed, BTC could see a setback towards lower support around the 50-day moving average price.