Bitcoin (BTC) broke above initial resistance at $56K as buyers attempt to retrace the April 14 sell-off. The next level of resistance is seen around $60,000 and just below the all-time high around $62,000.
- Bitcoin’s short-term trend is improving as the 100-period moving average on the four-hour chart is starting to slope upward.
- The relative strength index (RSI) on the four-hour chart is not yet overbought, which could keep buyers active towards higher resistance levels.
- Support is seen around $56,000 which limited profit during a pullback in early April.
- Bitcoin has retraced roughly 60% of the April 14 sell-off and has traded in a wide range between $42,000 and $64,000 over the past few months.