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

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

By Damanick Dantes
AccessTimeIconNov 22, 2021 at 7:02 p.m. UTC
Updated May 11, 2023 at 6:33 p.m. UTC
Bitcoin four-hour price chart shows short-term resistance levels with RSI in second panel. (Damanick Dantes/CoinDesk, TradingView)
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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.

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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.

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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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