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Support CenterNewsBearish Vibes in Crypto Market Continues as Bitcoin Struggles Near Resistance and Support at $53K
Bearish Vibes in Crypto Market Continues as Bitcoin Struggles Near Resistance and Support at $53K
Bitcoin’s(BTC) long-term momentum is starting to fade, which could limit price gains this month. BTC was trading around $56,000 at press time and is down about 4% over the past week.
The short-term downtrend in BTC is defined by a series of lower price highs since Nov. 10, as seen in the chart above. Recently, oversold signals appeared on the charts, which could encourage short-term buying from the $53,00 support level. A decisive break above $60,000 would reverse the short-term downtrend.
Still, there is strong overhead resistance between $60,000 and $65,000, which could limit price gains this month.