Bitcoin struggles near resistance, could find support at 55k

CoinDesk Analysis Team CoinDesk

Bitcoin (BTC) failed to break above resistance around $58,000 on Tuesday. The cryptocurrency is trading around $56,200 at the time of writing. Buyers could return around the $55,000 support level which held during the weekend sell-off.

The relative strength index (RSI) on the hourly chart registered an overbought signal on Tuesday. The RSI is not yet oversold which could keep sellers active towards lower support levels.

Bitcoin is now below the 100-period moving average on the hourly chart as the short-term trend weakens.

Stronger support is around $53,000 which has limited price declines over the past two weeks.

Long-term momentum is deteriorating as buyers continue to take profit on rallies.

Hourly bitcoin chart shows support and resistance levels with RSI.

Source: TradingView

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CoinDesk Analysis Team

CoinDesk

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

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