Bitcoin (BTC) buyers failed to sustain yesterday’s price bounce, although support around $53,000-$55,000 could stabilize the current pullback.
The cryptocurrency is down about 2% over the past 24 hours and is roughly flat over the past week.
The downward sloping 100-period moving average on the four-hour chart indicates a short-term downtrend. This means buyers have consistently taken some profit on rallies over the past month.
Recently, the $60,000 resistance level has been a key hurdle for buyers despite oversold readings on the charts. So far, support levels remain intact, which could establish a tight trading range between $55,000-$60,000 into the Asian trading day. BTC was trading around $57,800 at press time.