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Bitcoin Stalls at Resistance; Could Face Lower Support at $56K

www.coindesk.com 10 May 2021 12:44, UTC
Reading time: ~1 m

Buyers continued to take profit around $59,000 after a near 5% rise in bitcoin (BTC) on Sunday. The cryptocurrency is currently at support, trading around $57,800 at the time of writing. Stronger support is seen around the $56,000 level.

  • Bitcoin is trading near the 100-period moving average on the hourly chart, which suggests profit taking could stabilize during the day.
  • However, if BTC breaks below $57,000, buyers will likely wait to enter around lower support at $56,000.
  • The relative strength index (RSI) on the hourly chart is not yet oversold, which means price could face further downside after failing to hold above $59,000 over the weekend.
  • Bitcoin has retraced about 23% of the recovery from the May 4 low around $53,000. The cryptocurrency continues to consolidate within a broader uptrend.  

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