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Bitcoin Pauses After Breakout to All-Time High; Support Around $62K

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Damanick Dantes
·1 min read
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Bitcoin (BTC) is taking a breather after breaking out to a fresh all-time high, and the cryptocurrency is now trading above $64,000 for the first time. Buyers have taken some profit during Asia hours after overbought conditions appeared on intraday charts, but support is nearby around $62,000.

  • BTC continues to hold above its 50-period volume weighted moving average on the hourly chart. Prior resistance around $61,000-$62,000 is now support.

  • The relative strength index (RSI) on the hourly chart reached overbought levels yesterday and failed to make a new high despite an additional 3% rise in the BTC price. This indicates slowing upside momentum which typically precedes brief pullbacks.

  • The broader uptrend remains intact and “we might quickly be looking at $65,000 as the next pocket of sell liquidity,” wrote Chad Steinglass, head of trading at CrossTower in an email to CoinDesk.

  • For now, consecutive daily closes above $61,742 could result in further upside toward $69,121 over the short term, according to Katie Stockton of Fairlead Strategies. However, if the breakout is left unconfirmed, BTC could see a setback toward lower support around the 50-day moving average.

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