Bitcoin Long-Term Uptrend Intact; Support Around $53K-$56K

Posted on by American Coins & Gold

Bitcoin Long-Term Uptrend Intact; Support Around K-K
Bitcoin (BTC) is stabilizing after a near 10% decline over the past week. The cryptocurrency is holding initial support above $56,000, although resistance around $65,000 could limit further upside over the short term.The relative strength index (RSI) is oversold on intraday charts, which could encourage brief buying activity. On the daily chart, the RSI is approaching oversold conditions similar to late September, which preceded a price recovery.On the weekly chart, bitcoin’s long-term uptrend remains intact given the upward sloping 40-week moving average. Momentum is still positive on a weekly basis, which is consistent with a bullish uptrend. And the monthly…