CoinDesk Analysis Team
CoinDesk
Bitcoin (BTC) continues to rise near $56,000, although the rally appears to be exhausted given overbought signals on the charts. The cryptocurrency is up about 14% over the past week and faces resistance between $58,000 and $60,000.
-
The relative strength index (RSI) on the four-hour chart is declining from an overbought extreme last week. A negative divergence between the RSI and price typically leads to a brief pullback similar to mid-Sept.
-
The RSI on the daily chart is approaching overbought levels, suggesting buyers could exit positions near upper resistance levels.
-
Momentum has improved over the past two weeks, which means pullbacks could be limited toward initial support at $50,000.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP eyes for a rally
Bitcoin’s price finds support around its key level, while Ethereum’s price is approaching its key resistance level; a firm close above it would signal a bullish trend. Ripple price trades within a symmetrical triangle on Friday, a breakout from which could signal a rally ahead.
Could XRP surge to new highs in January 2025? First two days of trading suggest an upside bias
Ripple's XRP is up 7% on Thursday, extending its rally that began during the New Year's Day celebration. If long-term holders continue their recent accumulation, XRP could overcome the $2.9 resistance level and aim for a new all-time high.
Bitcoin Price Prediction: BTC tops $97K as Microstrategy, Coinbase kick-off 2025 in green
Bitcoin price crossed $97,750 on Thursday, rising 7% since MicroStrategy’s latest BTC $200 million purchase on Monday December 29. On-chain data shows user activity on the Bitcoin network is still trending 30% below last month's peak.
Meme coin market cap grew 500% in 2024, can they replicate same performance in 2025?
In a report on Thursday, DWF Labs revealed that the meme coin market cap skyrocketed over 500% in 2024 following a change in how investors perceive their value, especially among the younger generation.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.