Bitcoin Could Find Support at $56K-$60K

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Bitcoin (BTC) consumers took some earnings after the cryptocurrency reached an all-time worth excessive close to $68,950 on Wednesday. The cryptocurrency is down about 2% over the previous 24 hours and will discover decrease support across the $56,000-$60,000 worth vary.

Upside momentum is beginning to gradual, particularly given latest overbought alerts on the charts. This suggests BTC’s pullback might prolong into Asian buying and selling hours, though consumers will probably return round $60,000.

The relative power index (RSI) on the every day chart is at the best degree since Oct. 20, which preceded a near-10% drop in BTC’s worth.

Further, BTC’s latest all-time worth excessive occurred on decrease buying and selling quantity and a weaker RSI studying, which suggests extra shopping for exercise may very well be restricted over the quick time period.