Bitcoin Price Stabilizes After 7% Sell Off - Market Analysis.
2021-05-11 | Eddy Morgan
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.
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.
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