Bitcoin Fails To Break Resistance Over $58k - Support At $56k.

Bitcoin Fails To Break Resistance Over $58k - Support At $56k.

2021-05-12 | Mike Hallen

Bitcoin Fails To Break Resistance Over $58k - Support At $56k.

Bitcoin [BTCdid not break above resistance around $58k earlier on Tuesday. The cryptocurrency is trading around $56,772 USD at the time of reporting. Buyers could return around the $55k price which held within the weekend sell-off. The RSI [Relative Strength Index] on the hourly chart registered an overbought signal on Tuesday. The RSI isn't yet oversold that might keep sellers active towards lower support levels. Bitcoin is now below the 100-period moving average on the hourly chart as the short-term trend weakens. Bitcoin Fails To Break Resistance Over $58k - Support At $56k. Stronger support is around $53k which has limited price declines over the past fortnight. Long-term momentum is deteriorating as purchasers still take profit on rallies.

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