Bitcoin Rallies Towards $60K Resistance, Short-Term Support Seen at $56K

Bitcoin’s rally reignited the short-term trend and will now test resistance around $60K as it eyes all-time-highs.

Bitcoin (BTC) buyers defended support around $54,000 yesterday, but the upside has stalled just shy of the $60,000 resistance level. The short-term trend is improving, which should keep traders active at lower support levels.

  • Oversold signals on the hourly relative strength index (RSI) identified in yesterday’s post triggered a near 10% rally.
  • Bitcoin is now overbought on the hourly chart, which was previously seen around $61,000 – the all-time-high that was short-lived.
  • Support is around $56,000, defined by the 50-period volume weighted moving average on the hourly chart.
  • The daily chart still shows slowing upside momentum, but trend support remains intact.