BTC buyers continue to take profit on recoveries with resistance around $58K.
Bitcoin (BTC) held support around $54,000 after buyers took profit around the $58,000 resistance level on Thursday. The cryptocurrency was trading around $56,500 at the time of writing.
While the short-term trend is improving, traders have been quick to take profit on rallies. Slowing momentum is typical of a consolidation phase, which suggests traders are taking a breather following a near two-fold price increase in BTC over the past year.
- Bitcoin remains above the 100-period moving average on the four-hour chart and daily chart. This indicates an improving short-term trend, albeit with resistance around $58,000.
- BTC has retraced about 50% of the April 14 sell-off from an all-time high around $64,900.
- The relative strength index (RSI) is neutral across short-term charts and has receded from extreme overbought levels on the long-term weekly chart.
- Initial support is seen around $54,000 and then $52,000 which has limited profit taking over the past week.
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.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.