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Bitcoin Rally Holds Support Above $52K, Next Resistance Near All-Time High

Pullbacks could be limited given strong upside momentum.

By Damanick Dantes
AccessTimeIconOct 7, 2021 at 11:24 a.m. UTC
Updated May 11, 2023 at 6:36 p.m. UTC
Bitcoin daily price chart (CoinDesk, TradingView)
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Bitcoin (BTC) continues to strengthen after breaking above $50,000 earlier this week and rallying Thursday to a five-month high.

The cryptocurrency was trading around $54,000 at press time and is up 5% over the past 24 hours. Overbought signals suggest risk of a pullback, albeit limited to support around $50,000-$52,000.

The intermediate-term uptrend has improved over the past few months, which could keep buyers active toward the all-time high near $64,000.

  • The relative strength index (RSI) is the most overbought since September, which preceded a correction. However, a similar downturn is unlikely given strong upside momentum and a series of breakouts on the charts.
  • Buyers will need to hold support above $48,000-$50,000 in order to resume the recent rally.
  • BTC is not yet overbought on the weekly chart, which points to further upside.

Disclosure

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Damanick Dantes
Damanick Dantes

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

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