Bitcoin nearing resistance at $58K; support at $50K

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To the moon? Bitcoin roars back, fuelling $100,000 predictions | Crypto News

The Bitcoin (BTC) price is still rising, at around $56,000. However, the rally appears exhausted due to overbought signals. The cryptocurrency is up around 14% over the past week. However, it faces resistance somewhere between $58,000-60,000.

  • The relative strength indicator (RSI), on the four-hour chart, is falling from last week’s extreme. A negative divergence of the RSI with price usually leads to a short pullback, much like what occurred in mid-September.
  • The RSI of the daily chart is close to overbought levels. This suggests that buyers might exit positions at upper resistance levels.
  • Momentum has been improving over the past 2 weeks. This means that pullbacks might be limited towards initial support at $50,000.
See also  Bitcoin Privacy Wallet Wasabi Lays Out Roadmap for Version 2.0

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