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Bitcoin Holds Support, Faces Resistance at $60K

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Bitcoin (BTC) held support around $56,000 during the weekend and was trading at around $58,700 at the time of writing. The next resistance level of abot $60,000 is within reach.

  • The relative strength index (RSI) is now overbought on the hourly chart, although it is not as extreme as it was on May 1 or April 14, which preceded price declines.
  • Bitcoin is holding support at the 100-period moving average on the hourly chart. The moving average has been sloping upward for about a week, which points to an improving short-term trend.
  • On the daily chart, bitcoin is also above the 50-day and 100-day moving averages and is not yet overbought. Slowing momentum on the weekly chart, however, suggests buyers are still taking profit on rallies.
  • For now, BTC is approaching the next level of resistance of $60,000, which triggered short-term overbought conditions during the past few months.
Hourly bitcoin chart shows support and resistance levels with RSI.
Source: TradingView
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 5/3/2021

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