Bitcoin rally stalls, could find support at $63k-$65k

CoinDesk Analysis Team CoinDesk

Bitcoin (BTC) is giving up some gains after reaching an all-time high near $68,500 on Monday. The cryptocurrency is overbought on intraday charts, although support around the $63,000-$65,000 range could stabilize a pullback.

The relative strength index (RSI) on the four-hour chart is the most overbought since Oct. 20, which preceded a near-10% price decline. Still, pullbacks have been shallow over the past few weeks as buyers remain active on breakouts.

The 100-day moving average on the four-hour chart is sloping upward, indicating positive trend strength over the short term. This means buyers could eventually return on price dips into the Asian trading session.

Author

CoinDesk Analysis Team

CoinDesk

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

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