Bitcoin Price Stabilizes After 7% Sell Off - Market Analysis.

Bitcoin Price Stabilizes After 7% Sell Off - Market Analysis.

2021-05-11 | Eddy Morgan

Bitcoin Price Stabilizes After 7% Sell Off - Market Analysis.

The price of the leading cryptocurrency, Bitcoin [BTC], is stabilizing after a near 7% drop on Monday as buyers still take profit. The cryptocurrency could see further upside towards resistance at $57k. The broader uptrend remains intact despite several months of consolidation. Sharp price moves are typical during consolidation phases which may end in frequent drawdowns. The RSI [Relative Strength Index] on the hourly chart registered an oversold reading after Monday’s decline, which suggests a quick price recovery is underway. Bitcoin held support around $54k along a series of upper price lows over the past few weeks. Resistance is seen around the 100-period moving average on the hourly chart around $57k which could limit price gains. Bitcoin Price Stabilizes After 7% Sell Off - Market Analysis. At the reporting time, Bitcoin is presently trading within a range between $54k and $59k as buyers struggle to retrace the 14th April sell-off.

Leave a comment

Your email address will not be published. Required fields are marked *

Top 7 cryptocurrency overview



Best trading tool for cryptocurrency

2022 Top cryptocurrency Price Prediction List