U.S. markets open in 56 minutes
  • S&P Futures

    4,603.75
    -51.00 (-1.10%)
     
  • Dow Futures

    35,479.00
    -317.00 (-0.89%)
     
  • Nasdaq Futures

    15,323.25
    -272.50 (-1.75%)
     
  • Russell 2000 Futures

    2,136.20
    -21.50 (-1.00%)
     
  • Crude Oil

    85.25
    +1.43 (+1.71%)
     
  • Gold

    1,806.10
    -10.40 (-0.57%)
     
  • Silver

    22.86
    -0.06 (-0.25%)
     
  • EUR/USD

    1.1379
    -0.0031 (-0.27%)
     
  • 10-Yr Bond

    1.7720
    0.0000 (0.00%)
     
  • Vix

    21.76
    +1.45 (+7.14%)
     
  • GBP/USD

    1.3595
    -0.0051 (-0.38%)
     
  • USD/JPY

    114.5800
    0.0000 (0.00%)
     
  • BTC-USD

    41,531.86
    -1,086.48 (-2.55%)
     
  • CMC Crypto 200

    992.01
    -33.72 (-3.29%)
     
  • FTSE 100

    7,570.74
    -40.49 (-0.53%)
     
  • Nikkei 225

    28,257.25
    -76.27 (-0.27%)
     

Bitcoin Holds Support at $56K, Resistance at $60K-$63K

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
Bitcoin four-hour price chart (Damanick Dantes/CoinDesk, TradingView)
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Bitcoin (BTC) appears to be oversold, which could support a brief rise toward the $60,000-$63,000 resistance zone.

The cryptocurrency has held short-term support at about $56,000 as selling pressure has stabilized.

The relative strength index (RSI) is rising from oversold levels, similar to what happened on Oct. 27, which preceded a price recovery. On the daily chart, the RSI is approaching oversold levels for the first time since late-September.

Further, bitcoin’s correction from an all-time high of nearly $69,000 appears to be exhausted, which could encourage buyers to return. Momentum is improving into the Asian trading day, although resistance at around $63,000 could limit further upside over the short term.