Bitcoin Trading Near $60k Resistance Mark - Price Analysis.

Bitcoin Trading Near $60k Resistance Mark - Price Analysis.

2021-05-03 | Selina Mathew

Bitcoin Trading Near $60k Resistance Mark - Price Analysis.

Bitcoin [BTC] held support around $56k, over the weekend and was trading around $58,700 USD at the time of reporting. A subsequent resistance level of around $60k is accessible. The RSI [Relative Strength Index] is now overbought on the hourly chart, although not as extreme as 1st May or 14th April, which preceded price declines. Bitcoin is holding support at the 100-period moving average on the hourly chart. The moving average has been sloping upwards for a few week that points to an improving short-term trend. On the daily chart, bitcoin is additionally above the 50-day and 100-day moving averages and isn't yet overbought. Moreover, slowing momentum on the weekly chart suggests buyers are still taking profit on rallies. Also, BTC is approaching the subsequent level of resistance around $60k, which has triggered short-term overbought conditions over the past few months.

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