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

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

2021-05-06 | Eddy Morgan

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.

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