The daily relative strength index (RSI) is back in neutral territory after reaching overbought levels earlier this month.
Bitcoin's uptrend continues to slow after breaking short-term support.
Based on an analysis of price chart patterns, bitcoin is about halfway through its current bull market, which began around the March 2020 low.
BTC is moving sideways as its short-term uptrend slows.
Bitcoin looks to have charted a rising wedge pattern, a sign of uptrend fatigue.
The month-long uptrend from $43,000 remains intact, although longer-term signals are weakening.
Asian sellers meet North American buyers, as BoJ policy move reminds traders of timing patterns.
Bitcoin's rally reignited the short-term trend and will now test resistance around $60K as it eyes all-time-highs.
“Short-term momentum remains positive, but far less so than in February,” writes one analyst.
It's often a bullish indicator when the the 50-week moving average crosses above the 100-week, but traders can get trapped on the wrong side of the market.
Bitcoin is oversold and at trend support on intraday charts, but still faces heavy resistance around $58,000.
Profit taking around $60,000 opens the door to lower support around $54,000, causing a bit of whiplash for bitcoin traders.
RSI's bearish divergence indicates uptrend fatigue and suggests scope for a bull market correction.
For now, BTC’s uptrend remains intact.
Ether is facing resistance from all-time-highs and could see lower support, initially around $1,561.