Bitcoin
$62,742.97-5.48%
Ethereum
$3,063.14-5.90%
Binance Coin
$541.08-7.33%
Solana
$133.68-12.25%
XRP
$0.48900227-5.23%
Dogecoin
$0.15448615-5.96%
Toncoin
$6.12-13.43%
Cardano
$0.46264918-5.33%
Avalanche
$34.76-8.29%
Shiba Inu
$0.00002204-6.31%
Tron
$0.11108160-3.08%
Wrapped Bitcoin
$61,254.26-7.98%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
04
DAYS
08
HR
42
MIN
04
SEC
Markets

Bitcoin Rangebound Between $55K Support and $60K Resistance

The intermediate-term uptrend remains intact.

By Damanick Dantes
AccessTimeIconDec 1, 2021 at 11:26 p.m. UTC
Updated May 11, 2023 at 4:27 p.m. UTC
Bitcoin daily price chart shows support/resistance with MACD up top and RSI on bottom (Damanick Dantes/CoinDesk, TradingView)

Bitcoin daily price chart shows support/resistance with MACD up top and RSI on bottom (Damanick Dantes/CoinDesk, TradingView)

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin’s (BTC) price momentum is improving, which could limit further downside between the $53,000-$55,000 support range.

Buyers will need to make a decisive move above $60,000 resistance to yield an upside target toward the all-time price high of nearly $69,000.

For now, BTC is trading in a tight range and has been roughly flat over the past week. The relative strength index (RSI) on the daily chart is rising from oversold levels of last week, which typically precedes a price bounce.

Support remains intact given the upward-sloping, 100-day moving average. This indicates a positive intermediate-term trend, which could encourage additional buying on pullbacks.

VolumeMuteUnmute

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.