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Bitcoin Stalls Near Resistance; Support Around $54K

Screen Shot 2021 03 31 at 6.44.27 AM 345x222 1 80x50 - Bitcoin Stalls Near Resistance; Support Around $54K

BTC stalled just shy of $60K resistance during Asia hours. Support is around $54K.

Bitcoin (BTC) approached resistance just shy of the $60,000 level during Asia hours. The cryptocurrency continues to consolidate with buyers showing limited strength from support levels.

  • Support is around $54,000 on the four-hour chart, which is roughly the midpoint of the month-long consolidation.
  • The four-hour relative strength index (RSI) is now overbought, which could encourage some profit-taking towards lower support levels.
  • The previous RSI overbought signal on March 13 preceded a roughly 13% drop in BTC from its all-time high around $61,000.
  • BTC’s uptrend remains intact on the daily chart with support from oversold bounce at $50,000.
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