Bitcoin Reveals Strong Support Near $58k - Price Analysis.

Bitcoin Reveals Strong Support Near $58k - Price Analysis.

2021-05-07 | Selina Mathew

Bitcoin Reveals Strong Support Near $58k - Price Analysis.

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. Bitcoin Reveals Strong Support Near $58k - Price Analysis. The primary support is seen around $54k then $52k which has limited profit-taking up the past week.

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