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.
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