Bitcoin Holds Support, Approaching Resistance Around $60K

The long-term uptrend in bitcoin (BTC) remains intact, with support around $50,000. However, upside momentum continues to slow as bitcoin consolidates below the $60,000 resistance level.

• The daily relative strength index (RSI) is back in neutral territory after reaching overbought levels earlier this month.
• Previous episodes of RSI moving from overbought to neutral resulted in price recoveries along the 50-day volume weighted moving average.
• Traders should monitor the break below trend support on the four-hour chart, which could limit upside around $58,000-$60,000.