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Bitcoin Range-Bound, Support Between $58K-$60K Could Stabilize Pullback

Bitcoin Range-Bound, Support Between $58K-$60K Could Stabilize Pullback

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Bitcoin has traded in a good vary between $60,000 assist and $64,000 resistance over the previous week. Short-term patrons have been lively on pullbacks, which suggests draw back might be restricted into Asian buying and selling hours.

Upside momentum is slowing after BTC made an all-time excessive round $66,900 final month. It seems that patrons had been fast to take earnings across the worth excessive, particularly given short-term overbought alerts on the charts.

BTC was buying and selling round $61,500 at press time and is down about 1% over the previous 24 hours.

The relative energy index (RSI) on the four-hour chart will not be but oversold, which suggests BTC might see additional draw back towards the $58,000-$60,000 assist zone.

If patrons fail to carry $60,000, the following degree of assist is seen round $53,000-$54,000 (a near-10% decline from present ranges), which can be on the 50-day shifting common.

The weekly RSI is approaching overbought territory, just like April and September, which preceded a downturn in BTC’s worth. However, given a sequence of worth breakouts over the previous few weeks, BTC stays poised for a breakout above $60,000 based mostly on optimistic historic returns within the fourth quarter.

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