The price of the leading cryptocurrency, Bitcoin [BTC] has fully recovered from Thursday’s price drop of just over 5%.
The crypto asset was trading around $54k at the time of reporting after holding support at around $52k. The short-term trend is improving, although there’s strong resistance around $56k and $58k that would limit upside into the weekend.
The RSI [Relative Strength Index] on the hourly chart isn’t yet overbought, which might keep purchasers active short-term.
Bitcoin will get to reveal a decisive break above $56k to continue the long-term uptrend. So far, oversold signals from the 25th April low of around $47k weren’t enough to push BTC over the 50-day moving average.
BTC is down about 7% month-to-date and is on target for its primary monthly loss this year, also its worst month since September.