Bitcoin (BTC) Consolidates Just Below $60,000

Bitcoin (BTC) is still trading above the $57,800 support area but has failed to reach a daily close above it.

While the direction of the Bitcoin trend is not entirely clear, it is likely that is bullish. This would be confirmed by a breakout above the current short-term descending resistance line.

Long-Term Weekly Close

Last week, Bitcoin decreased slightly, creating a small Doji candlestick. This is seen as a sign of indecision, especially since it is coming after a week in which BTC reached a new all-time high price. 

In a way, the market is cooling off prior to another significant movement. 

The MACD is still increasing and has yet to create even one lower momentum bar. Similarly, the Stochastic oscillator is still moving upwards, even though it does not have considerable strength.

However, there are two instances of bearish divergences visible in the RSI. These are seen as a sign of weakness, especially since they are present in the weekly time-frame. Therefore, it is possible that a reversal or at least a significant correction will soon occur.

BTC Chart By TradingView

Bitcoin Trades Inside Support

The daily chart shows that Bitcoin is trading just above the $57,800 support area. While the long lower wick is a sign of buying pressure, the failure to close above this area is considered a sign of weakness. 

Technical indicators are bullish even though they lack conviction. 

While the MACD is positive, it has lost all of its strength. The RSI is trending above 50, but similar to the MACD, it’s moving on a neutral trajectory. 

However, the Stochastic oscillator is bullish. 

Nevertheless, a daily close above this support level is required in order for the trend to be considered bullish.

BTC Chart By TradingView

The two-hour chart is more bullish. Bitcoin returned to validate the $57,000 area as support before bouncing. 

After some deviation below it, BTC has now reclaimed the area once again. 

While the RSI is neutral, the MACD supports the continuation of the upward movement. 

A breakout from the current descending resistance line would likely confirm that the trend is bullish.

BTC Chart By TradingView

Conclusion

The long-term trend for BTC is undecided due to the lack of conviction from technical indicators. However, the short-term trend seems to be bullish. This would be confirmed by a breakout above the current short-term descending resistance line.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

Disclaimer


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Leave a Reply

Your email address will not be published. Required fields are marked *

bitcoin
Bitcoin (BTC) $ 38,138.00 3.27%
ethereum
Ethereum (ETH) $ 2,347.64 3.92%
tether
Tether (USDT) $ 1.00 0.08%
polkadot
Polkadot (DOT) $ 22.16 7.00%
cardano
Cardano (ADA) $ 1.49 2.46%
binance-coin
Binance Coin (BNB) $ 355.48 1.33%
xrp
XRP (XRP) $ 0.843618 1.56%
litecoin
Litecoin (LTC) $ 166.64 3.30%
chainlink
Chainlink (LINK) $ 22.79 6.12%
bitcoin-cash
Bitcoin Cash (BCH) $ 595.74 3.66%
stellar
Stellar (XLM) $ 0.316550 3.83%
usd-coin
USD Coin (USDC) $ 1.01 1.11%
dogecoin
Dogecoin (DOGE) $ 0.307684 1.48%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 38,039.00 3.48%
uniswap
Uniswap (UNI) $ 21.78 4.22%
aave
Aave (AAVE) $ 286.03 5.80%
cosmos
Cosmos (ATOM) $ 13.23 3.54%
monero
Monero (XMR) $ 277.44 0.06%
eos
EOS (EOS) $ 4.88 3.22%
bitcoin-sv
Bitcoin SV (BSV) $ 164.48 0.28%
tron
TRON (TRX) $ 0.074696 3.99%
nem
NEM (XEM) $ 0.161097 4.55%
iota
IOTA (MIOTA) $ 1.06 4.32%
vechain
VeChain (VET) $ 0.105969 4.08%
tezos
Tezos (XTZ) $ 3.25 1.73%
theta-token
Theta Network (THETA) $ 9.70 2.14%
havven
Synthetix Network Token (SNX) $ 8.74 7.05%
avalanche-2
Avalanche (AVAX) $ 14.67 3.29%
neo
NEO (NEO) $ 47.80 3.78%
terra-luna
Terra (LUNA) $ 6.29 1.19%
dash
Dash (DASH) $ 163.63 5.01%
huobi-token
Huobi Token (HT) $ 13.00 4.48%
okb
OKB (OKB) $ 13.41 2.13%
elrond-erd-2
Elrond (EGLD) $ 83.47 4.61%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.114429 1.97%
the-graph
The Graph (GRT) $ 0.659609 6.79%
compound-ether
cETH (CETH) $ 46.02 6.01%
solana
Solana (SOL) $ 38.91 5.30%
maker
Maker (MKR) $ 2,876.31 5.59%
filecoin
Filecoin (FIL) $ 68.04 3.00%
cdai
cDAI (CDAI) $ 0.021497 0.25%
dai
Dai (DAI) $ 1.00 0.10%
ftx-token
FTX Token (FTT) $ 32.12 2.19%
celsius-degree-token
Celsius Network (CEL) $ 6.82 1.65%
sushi
Sushi (SUSHI) $ 8.37 7.08%
kusama
Kusama (KSM) $ 336.44 9.20%
compound-governance-token
Compound (COMP) $ 304.47 4.30%
zcash
Zcash (ZEC) $ 142.34 1.01%
ethereum-classic
Ethereum Classic (ETC) $ 54.99 2.80%
decred
Decred (DCR) $ 126.34 7.02%
binance-usd
Binance USD (BUSD) $ 1.01 0.83%
compound-usd-coin
cUSDC (CUSDC) $ 0.022049 0.25%
zilliqa
Zilliqa (ZIL) $ 0.103484 3.56%
uma
UMA (UMA) $ 11.72 3.76%
yearn-finance
yearn.finance (YFI) $ 36,284.00 2.75%
leo-token
LEO Token (LEO) $ 2.58 1.70%
pancakeswap-token
PancakeSwap (CAKE) $ 16.34 2.24%
waves
Waves (WAVES) $ 17.48 4.30%
near
Near (NEAR) $ 3.15 0.23%
amp-token
Amp (AMP) $ 0.091297 22.55%
0x
0x (ZRX) $ 0.874261 2.07%
huobi-btc
Huobi BTC (HBTC) $ 37,297.00 5.09%
algorand
Algorand (ALGO) $ 1.04 2.00%
digibyte
DigiByte (DGB) $ 0.052759 6.71%
icon
ICON (ICX) $ 1.03 5.36%
hedera-hashgraph
Hedera Hashgraph (HBAR) $ 0.219857 6.62%
nexo
NEXO (NEXO) $ 1.77 5.98%
xsushi
xSUSHI (XSUSHI) $ 9.52 9.50%
ethos
Voyager Token (VGX) $ 2.37 2.81%
loopring
Loopring (LRC) $ 0.287089 2.38%
thorchain
THORChain (RUNE) $ 8.73 11.69%
ontology
Ontology (ONT) $ 0.894912 4.82%
renbtc
renBTC (RENBTC) $ 37,844.00 4.01%
nano
Nano (NANO) $ 5.99 4.03%
basic-attention-token
Basic Attention Token (BAT) $ 0.646170 5.28%
omisego
OMG Network (OMG) $ 5.02 5.37%
republic-protocol
REN (REN) $ 0.430138 2.73%
zencash
Horizen (ZEN) $ 84.34 4.36%
bittorrent-2
BitTorrent (BTT) $ 0.003276 3.16%
swissborg
SwissBorg (CHSB) $ 0.637565 6.68%
ravencoin
Ravencoin (RVN) $ 0.070792 3.59%
iostoken
IOST (IOST) $ 0.026655 2.63%
qtum
Qtum (QTUM) $ 8.50 4.38%
paxos-standard
Paxos Standard (PAX) $ 1.01 0.99%
venus
Venus (XVS) $ 28.34 16.97%
blockstack
Stacks (STX) $ 0.865299 6.82%
matic-network
Polygon (MATIC) $ 1.46 5.29%
curve-dao-token
Curve DAO Token (CRV) $ 2.13 0.30%
siacoin
Siacoin (SC) $ 0.015546 0.38%
quant-network
Quant (QNT) $ 70.88 10.45%
bancor
Bancor Network Token (BNT) $ 3.73 4.90%
reserve-rights-token
Reserve Rights Token (RSR) $ 0.030522 2.66%
fantom
Fantom (FTM) $ 0.332571 11.43%
mdex
Mdex (MDX) $ 2.07 2.57%
enjincoin
Enjin Coin (ENJ) $ 1.35 5.93%
energy-web-token
Energy Web Token (EWT) $ 7.27 5.03%
lisk
Lisk (LSK) $ 2.73 6.77%
ampleforth
Ampleforth (AMPL) $ 0.893062 6.69%
balancer
Balancer (BAL) $ 21.98 4.50%
terrausd
TerraUSD (UST) $ 1.01 0.44%
ocean-protocol
Ocean Protocol (OCEAN) $ 0.534460 7.63%
husd
HUSD (HUSD) $ 1.00 0.04%
nxm
Nexus Mutual (NXM) $ 87.98 5.80%
1inch
1inch (1INCH) $ 3.28 11.15%
bitcoin-gold
Bitcoin Gold (BTG) $ 57.01 4.86%
kyber-network
Kyber Network Crystal Legacy (KNCL) $ 1.90 6.20%
verge
Verge (XVG) $ 0.027098 5.08%
decentraland
Decentraland (MANA) $ 0.681937 4.45%
alpha-finance
Alpha Finance (ALPHA) $ 0.592749 3.44%
flow
Flow (FLOW) $ 11.40 6.41%
band-protocol
Band Protocol (BAND) $ 6.84 3.67%
status
Status (SNT) $ 0.069260 5.08%
dodo
DODO (DODO) $ 1.32 3.24%
bitcoin-cash-abc-2
Bitcoin Cash ABC (BCHA) $ 22.24 12.15%
compound-usdt
cUSDT (CUSDT) $ 0.021213 0.22%
xdce-crowd-sale
XDC Network (XDC) $ 0.071085 11.48%
staked-ether
Lido Staked Ether (STETH) $ 2,294.39 6.00%
arweave
Arweave (AR) $ 16.59 6.73%
polymath-network
Polymath Network (POLY) $ 0.205492 1.80%
safepal
SafePal (SFP) $ 1.05 6.58%
true-usd
TrueUSD (TUSD) $ 1.01 1.44%
zkswap
ZKSwap (ZKS) $ 0.826353 7.78%
polkastarter
Polkastarter (POLS) $ 1.29 5.78%
ethlend
Aave [OLD] (LEND) $ 2.80 7.22%
helium
Helium (HNT) $ 14.12 2.17%
civic
Civic (CVC) $ 0.246731 4.47%
pundi-x
Pundi X [OLD] (NPXS) $ 0.002270 41.55%
kava
Kava.io (KAVA) $ 3.99 4.76%
golem
Golem (GLM) $ 0.268860 9.40%
harmony
Harmony (ONE) $ 0.078445 3.61%
nucypher
NuCypher (NU) $ 0.313387 8.59%
holotoken
Holo (HOT) $ 0.007592 3.42%
nusd
sUSD (SUSD) $ 1.00 0.12%
electroneum
Electroneum (ETN) $ 0.007001 6.90%
nervos-network
Nervos Network (CKB) $ 0.017245 5.58%
derivadao
DerivaDAO (DDX) $ 2.51 3.18%
district0x
district0x (DNT) $ 0.131293 3.65%
bitcoin-diamond
Bitcoin Diamond (BCD) $ 2.56 6.92%
trust-wallet-token
Trust Wallet Token (TWT) $ 0.348352 5.51%
rif-token
RSK Infrastructure Framework (RIF) $ 0.168519 4.60%
swipe
Swipe (SXP) $ 2.17 5.31%
gnosis
Gnosis (GNO) $ 172.00 2.32%
numeraire
Numeraire (NMR) $ 39.74 2.14%
rook
KeeperDAO (ROOK) $ 152.40 16.00%
kucoin-shares
KuCoin Token (KCS) $ 8.50 6.60%
btc-standard-hashrate-token
BTC Standard Hashrate Token (BTCST) $ 28.49 5.30%
aragon
Aragon (ANT) $ 4.48 6.32%
fetch-ai
Fetch.ai (FET) $ 0.290358 2.63%
litentry
Litentry (LIT) $ 3.40 2.64%
funfair
FUNToken (FUN) $ 0.020167 1.82%
chiliz
Chiliz (CHZ) $ 0.314854 4.00%
seth
sETH (SETH) $ 2,331.38 4.41%
oasis-network
Oasis Network (ROSE) $ 0.070277 4.20%
injective-protocol
Injective Protocol (INJ) $ 8.10 8.47%
vethor-token
VeThor Token (VTHO) $ 0.007719 3.58%
saffron-finance
saffron.finance (SFI) $ 412.53 11.31%
augur
Augur (REP) $ 17.65 6.86%
the-sandbox
The Sandbox (SAND) $ 0.265967 4.53%
singularitynet
SingularityNET (AGIX) $ 0.192432 8.42%
secret
Secret (SCRT) $ 1.50 5.93%
telcoin
Telcoin (TEL) $ 0.029999 5.45%
serum
Serum (SRM) $ 3.99 6.38%
gatechain-token
GateToken (GT) $ 3.83 3.87%
mainframe
Hifi Finance (MFT) $ 0.008508 1.69%
sbtc
sBTC (SBTC) $ 37,699.00 4.36%
compound-uniswap
cUNI (CUNI) $ 0.427305 6.92%
ardor
Ardor (ARDR) $ 0.161882 4.20%
vai
Vai (VAI) $ 0.902862 0.99%
utrust
UTRUST (UTK) $ 0.279498 6.51%
prometeus
Prometeus (PROM) $ 14.50 2.57%
reddcoin
Reddcoin (RDD) $ 0.002415 20.84%
monacoin
MonaCoin (MONA) $ 1.82 0.82%
noia-network
Syntropy (NOIA) $ 0.208162 0.45%
compound-0x
c0x (CZRX) $ 0.017369 5.28%
wink
WINkLink (WIN) $ 0.000521 12.14%
ankr
Ankr (ANKR) $ 0.078846 2.58%
bytom
Bytom (BTM) $ 0.078919 2.69%
rocket-pool
Rocket Pool (RPL) $ 10.67 0.26%
origintrail
OriginTrail (TRAC) $ 0.305556 3.11%
steem
Steem (STEEM) $ 0.386733 8.25%
maidsafecoin
MaidSafeCoin (MAID) $ 0.716964 5.84%
tomochain
TomoChain (TOMO) $ 1.84 2.06%
edgeware
Edgeware (EDG) $ 0.008446 12.90%
skale
SKALE (SKL) $ 0.310225 2.87%
stratis
Stratis (STRAX) $ 1.27 1.48%
hegic
Hegic (HEGIC) $ 0.104387 5.98%
komodo
Komodo (KMD) $ 0.954274 11.03%
bitshares
BitShares (BTS) $ 0.050718 0.73%
unibright
Unibright (UBT) $ 1.24 0.93%
coinmetro
CoinMetro (XCM) $ 0.315059 8.07%
ark
Ark (ARK) $ 1.05 4.22%
mirror-protocol
Mirror Protocol (MIR) $ 5.67 26.22%
keep-network
Keep Network (KEEP) $ 0.560370 16.74%
neutrino
Neutrino USD (USDN) $ 1.00 0.16%
iexec-rlc
iExec RLC (RLC) $ 3.53 9.01%
harvest-finance
Harvest Finance (FARM) $ 53.75 5.44%
iotex
IoTeX (IOTX) $ 0.022065 2.56%
badger-dao
Badger DAO (BADGER) $ 12.75 3.89%
redfox-labs-2
RedFOX Labs (RFOX) $ 0.081342 8.20%
empty-set-dollar
Empty Set Dollar (ESD) $ 0.050644 12.55%
ultra
Ultra (UOS) $ 0.487663 0.25%
wanchain
Wanchain (WAN) $ 0.719888 4.27%
iris-network
IRISnet (IRIS) $ 0.083579 7.09%
perpetual-protocol
Perpetual Protocol (PERP) $ 7.30 3.50%
trustswap
Trustswap (SWAP) $ 1.00 3.49%
tokenlon
Tokenlon (LON) $ 3.52 4.99%
orion-protocol
Orion Protocol (ORN) $ 8.04 7.94%
titanswap
TitanSwap (TITAN) $ 4.03 2.48%
tether-gold
Tether Gold (XAUT) $ 1,791.18 0.60%
wax
WAX (WAXP) $ 0.139294 3.26%
yfii-finance
DFI.money (YFII) $ 1,836.89 4.90%
aelf
aelf (ELF) $ 0.201696 3.33%
haven
Haven (XHV) $ 11.13 7.66%
pax-gold
PAX Gold (PAXG) $ 1,830.93 0.94%
defipulse-index
DeFiPulse Index (DPI) $ 294.85 6.82%
math
MATH (MATH) $ 1.40 0.05%
api3
API3 (API3) $ 2.86 3.88%
sora
Sora (XOR) $ 283.10 1.70%
dent
Dent (DENT) $ 0.003257 5.81%
loom-network
Loom Network (OLD) (LOOMOLD) $ 0.059349 4.65%
nftx
NFTX (NFTX) $ 48.14 13.46%
gala
Gala (GALA) $ 0.009283 0.78%
axie-infinity
Axie Infinity (AXS) $ 4.88 9.77%
beefy-finance
Beefy.Finance (BIFI) $ 1,746.59 7.90%
swingby
Swingby (SWINGBY) $ 0.093219 1.58%
parsiq
PARSIQ (PRQ) $ 0.803873 3.84%
akropolis
Akropolis (AKRO) $ 0.023116 4.93%
nest
Nest Protocol (NEST) $ 0.013136 3.50%
stakehound-staked-ether
StakeHound Staked Ether (STETH) $ 3,719.75 0.00%
akash-network
Akash Network (AKT) $ 3.07 1.02%
cream-2
Cream (CREAM) $ 159.09 1.87%
auto
Auto (AUTO) $ 1,333.89 0.64%
storj
Storj (STORJ) $ 0.872539 4.51%
e-radix
e-Radix (EXRD) $ 0.162158 11.33%
hive
Hive (HIVE) $ 0.331485 4.40%
chainx
ChainX (PCX) $ 6.01 2.87%
wrapped-nxm
Wrapped NXM (WNXM) $ 60.41 3.12%
hathor
Hathor (HTR) $ 0.429684 3.95%
gemini-dollar
Gemini Dollar (GUSD) $ 1.00 0.18%
frontier-token
Frontier (FRONT) $ 0.765934 3.89%
everid
Everest (ID) $ 0.405905 0.77%
lto-network
LTO Network (LTO) $ 0.223900 5.55%
power-ledger
Power Ledger (POWR) $ 0.183334 7.58%
livepeer
Livepeer (LPT) $ 24.86 2.91%
xdai-stake
xDAI Stake (STAKE) $ 11.30 6.94%
rari-governance-token
Rari Governance Token (RGT) $ 5.65 4.26%
cashaa
Cashaa (CAS) $ 0.028043 4.84%
energi
Energi (NRG) $ 1.82 15.91%
bytecoin
Bytecoin (BCN) $ 0.000444 3.61%
duckdaodime
DuckDaoDime (DDIM) $ 13.73 5.53%