CoinDesk Analysis Team
CoinDesk
Bitcoin ended Sunday (UTC) well above $61,000, confirming its highest weekly close on record and putting the lifetime price record of $64,801 on the map.
So far, the follow-through has not been impressive. The cryptocurrency was trading near $61,300, having faced rejection around $62,600 early today.
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Since Friday, buyers have failed several times to establish a foothold above $62,000. That, coupled with the lower highs on the relative strength index (RSI), indicates scope for a temporary price pullback.
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Failure to defend Sunday’s low of $58,943 may bring stronger selling pressure.
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However, optimism stemming from the U.S. Securities and Exchange Commission’s tacit approval of a bitcoin futures-based exchange-traded fund is likely to keep the cryptocurrency well supported on price dips.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
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