Bitcoin (BTC) made a new all-time-high this weekend, but the move was short-lived. The uptrend from January continues to slow, which is probably causing some profit taking. Traders will likely defend lower support.
- Initial support is around $54,000 on intra-day charts. On the daily chart, the uptrend remains intact, with lower support around $45,000.
- Upside momentum is slowing, defined by lower highs on the 14-day relative strength index (RSI).
Profit taking around $60,000 opens the door to lower support around $54,000, causing a bit of whiplash for bitcoin traders.