Bitcoin Reveals Strong Support Near $58k - Price Analysis.
2021-05-07 | Selina Mathew
The price of the leading cryptocurrency, Bitcoin [
BTC] held support around $54k after buyers took profit
around the $58k resistance level earlier on Thursday. The crypto asset was trading around
$57,273 USD at the time of reporting.
While the short-term trend is improving, traders
are quick
to require profit on rallies. Slowing momentum is typical of a consolidation phase, which suggests traders are taking a breather following a near 2x-times
increase in BTC over the past year.
Bitcoin remains above the 100-period moving average on the four-hour chart and daily chart. This means an improving short-term trend, albeit with the resistance of around $58k.
BTC has retraced about 50% of the
14th April sell-off from an all-time high of around $64,900 USD.
The RSI [Relative Strength Index] is neutral across short-term charts and has receded from extreme overbought levels on the long-term weekly chart.
The primary support is seen around $54k
then $52k which has limited profit-taking
up the past week.
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