Market Analysis

Bitcoin Price Resistance Near $55k Is High – Market Analysis.

The price of the leading cryptocurrency, Bitcoin [BTC], stays firm as buyers were active over the weekend and defended support near the 200-day moving average at $45k. The cryptocurrency was trading near to $50k at the reporting time and is will likely face resistance towards $55k.

The short-squeeze rally has lasted for a few months as bitcoin held $30k support and broke out of a consolidation phase over $42k. BTC is up about 46% over the past 30 days despite recent signs of upside exhaustion.

Bitcoin Price Resistance Near $55k Is High - Market Analysis.

The RSI [Relative Strength Index] is near overbought levels on the daily chart, which could encourage profit-taking around resistance.

Pullbacks should be brief given initial support near $45k.

Upside momentum is strengthening on daily and weekly charts, which suggests buyers are on top of things.

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