Bitcoin Drifts Lower; Support Around $54K-$55K

Bitcoin (BTC) is trading lower as oversold moves on the hourly chart have been limited to the 50-period volume weighted moving average. Buyers have continued to take profit after another failed attempt to move beyond $60,000 on April 1.

  • BTC remains rangebound with lower support between $54,0000 and $55,000. Currently around $56,700.
  • Buyers will need to defend support to maintain the uptrend on the daily chart, which continues to show slowing upside momentum.
  • Technical signals are broadly neutral over the short-term and will require a decisive breakout above $60,000 or below $50,000 to derive price targets. For now, buyers and sellers are in a stalemate, responding well to intraday support and resistance levels.
  • On the hourly chart, BTC has retraced about 50% of its rally from March 25 and is down about 5% month-to-date.
Bitcoin Drifts Lower; Support Around $54K-$55K
Hourly BTC chart shows support and resistance zones and the relative strength index.
Source: TradingView

Bitcoin buyers and sellers are in a stalemate as oversold rallies have been limited on intraday charts.

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