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Bitcoin Long-Term Uptrend Intact; Support Around $53K-$56K

Bitcoin Long-Term Uptrend Intact; Support Around $53K-$56K

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Bitcoin (BTC) is stabilizing after a close to 10% decline over the previous week. The cryptocurrency is holding preliminary support above $56,000, though resistance round $65,000 may restrict additional upside over the quick time period.

The relative energy index (RSI) is oversold on intraday charts, which may encourage temporary shopping for exercise. On the each day chart, the RSI is approaching oversold situations much like late September, which preceded a worth restoration.

On the weekly chart, bitcoin’s long-term uptrend stays intact given the upward sloping 40-week shifting common. Momentum remains to be constructive on a weekly foundation, which is per a bullish uptrend. And the month-to-month worth chart exhibits no indicators of upside exhaustion but.

However, the weekly RSI is declining from overbought ranges, albeit much less excessive relative to January. This means bitcoin is susceptible to increased volatility as consumers take some income.

For now, bitcoin might want to maintain assist and maintain a breakout above $69,000 with a purpose to yield an upside goal towards $85,000.

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