Bitcoin Struggles at $60K Resistance; Support Above $53K

Short-term downside is likely into the Asia trading day.

Nov 22, 2021 at 7:02 p.m. UTC
Updated Nov 22, 2021 at 8:25 p.m. UTC

Bitcoin (BTC) buyers remained active over the weekend, although upside was limited around the $60,000 resistance level.

The cryptocurrency continues to consolidate, with pullbacks limited toward $53,000 support.

Intraday chart signals are neutral, suggesting the current loss of momentum could continue into the Asian trading session. Buyers will need to defend immediate support around $55,000 and decisively break above the short-term downtrend in order to yield further upside targets.

The relative strength index (RSI) on the daily chart is approaching oversold levels, which could support a price recovery similar to what took place in late September. However, previous failed attempts at sustaining an all-time price high near $69,000 is a concern.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio manager at Cannon Advisors, which does not invest in digital assets. Damanick does not own cryptocurrencies.