U.S. Markets closed
  • S&P Futures

    4,132.00
    -14.25 (-0.34%)
     
  • Dow Futures

    34,052.00
    -131.00 (-0.38%)
     
  • Nasdaq Futures

    13,283.00
    -63.00 (-0.47%)
     
  • Russell 2000 Futures

    2,190.10
    -13.20 (-0.60%)
     
  • Crude Oil

    65.25
    -0.03 (-0.05%)
     
  • Gold

    1,826.30
    -9.80 (-0.53%)
     
  • Silver

    27.41
    -0.26 (-0.95%)
     
  • EUR/USD

    1.2130
    -0.0022 (-0.1820%)
     
  • 10-Yr Bond

    1.6240
    +0.0220 (+1.37%)
     
  • Vix

    21.84
    +2.18 (+11.09%)
     
  • GBP/USD

    1.4117
    -0.0027 (-0.1892%)
     
  • USD/JPY

    108.8700
    +0.2500 (+0.2302%)
     
  • BTC-USD

    57,185.80
    +2,273.54 (+4.14%)
     
  • CMC Crypto 200

    1,548.20
    +1,305.52 (+537.96%)
     
  • FTSE 100

    6,947.99
    -175.69 (-2.47%)
     
  • Nikkei 225

    28,439.52
    -169.07 (-0.59%)
     

Bitcoin Stabilizes After Weekend Sell-Off; Resistance Around $59K

  • Oops!
    Something went wrong.
    Please try again later.
Damanick Dantes
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.

The near 15% price drop in bitcoin (BTC) over the weekend triggered oversold readings on intraday charts. Buyers were able to maintain short-term support around $55,000, although there is strong resistance around $58,000-$59,000.

  • BTC’s April 13 breakout above $60,000 and subsequent all-time high failed. Slowing upside momentum on daily and weekly chart indicates continued profit taking on rallies.

  • The last 15% price drop occurred on March 21, which fully recovered and then consolidated for several weeks.

  • The relative strength index (RSI) is now oversold on the four-hour chart, which typically leads to price recoveries similar to April 8 and March 25.

  • On the daily chart, BTC is holding support just above its 200-day moving average. If selling pressure returns, the next level of support is around $50,000 and then $42,000.

Related Stories