CoinDesk Analysis Team
CoinDesk
Buyers continued to take profit around $59,000 after a near 5% rise in Bitcoin (BTC) on Sunday. The cryptocurrency is currently at support, trading around $57,800 at the time of writing. Stronger support is seen around the $56,000 level.
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Bitcoin is trading near the 100-period moving average on the hourly chart, which suggests profit taking could stabilize during the day.
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However, if BTC breaks below $57,000, buyers will likely wait to enter around lower support at $56,000.
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The relative strength index (RSI) on the hourly chart is not yet oversold, which means price could face further downside after failing to hold above $59,000 over the weekend.
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Bitcoin has retraced about 23% of the recovery from the May 4 low around $53,000. The cryptocurrency continues to consolidate within a broader uptrend.
Hourly bitcoin chart shows support and resistance levels with RSI.
Source: TradingView
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