Bitcoin (BTC) sellers remain active from the April 14 all-time high just below $65,000. The largest cryptocurrency was trading around $60,300 at press time as it re-tests support around the 200-period moving average on the four-hour chart. Â
- The April 13 breakout above $61,000 provides an initial support zone for BTC, which could stabilize the current selloff.
- BTC is roughly 7% lower from its all-time high, similar to the April 1 pullback that was limited to the 200-period moving average on the four-hour chart.
- The relative strength index (RSI) is approaching oversold territory on the four-hour chart, which typically precedes buying strength.
- BTC must hold above $60,000 to confirm the breakout, which could override slowing momentum on longer term charts. For now, buyers continue to take profit on rallies.
Disclosure
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.