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.