Do repost and rate:
Bitcoin (BTC) is holding support above its 50-day volume weighted moving average, but the cryptocurrency faces resistance around $58,000. Upside momentum is slowing, with initial support around $52,000 on the 4-hour chart.
- For now, BTC’s uptrend remains intact as buyers on March 8 pushed prices above the $50,000 level for the second time since February, and bitcoin has moved this week back toward its all-time-high around $58,000.
- Momentum, defined by the relative strength index (RSI), is slowing on both intraday charts and the daily chart, diverging from BTC’s price uptrend.
- Traders are on watch for a breakout to fresh all-time-highs, but there is concern about a double-top forming, which could lead to profit taking.
