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Bitcoin Uptrend Intact After Month-Long Consolidation; All-Time High Within Reach
Intraday overbought signals are not yet extreme, which should keep buyers active towards $60,000-$61,000.
Updated Mar 6, 2023, 3:11 p.m. Published Mar 30, 2021, 11:24 a.m.
The long-term uptrend in bitcoin (BTC) has stabilized after the price held support around $50,000 last week. Resistance is seen at $60,000, pending a breakout to a new all-time-high.
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- BTC held support at the 50-day volume weighted average, which has preceded strong rallies this year.
- Lower highs on the daily relative strength index (RSI) suggests caution, although downside has been well supported around the neutral mark.
- Intraday overbought signals are not yet extreme, which should keep buyers active towards $60,000-$61,000.
- Lower support around $42,000 was defined by the February 8 breakout. Although the price successfully retested that level on February 28, which reignited the uptrend. Traders should adjust support levels higher to around $52,000.
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Speculators maintain net bullish positions in the yen, limiting scope for sudden JPY strength and mass carry unwind.
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