Profit-taking possible in the near-term
Bitcoin has been on an incredible run recently, one that may not come as a surprise to some, but that also begs the question, how much further can it go?
It has run into some resistance on approach to $60,000, a notable psychological resistance level and one that falls just ahead of the all-time high. So it’s not surprising that we’re seeing some resistance around these levels.
And while it may have plenty of momentum longer-term, near term indicators suggest it may be running a little thin. Perhaps the psychological barrier is proving a big test.
Even if it runs into resistance here, the daily chart suggests there’s plenty of momentum in the rally so a test of the record highs may not be far away and after that, it will get a lot more interesting.
A move below $53,500 may trigger a larger correction in the near term but given the recent trend, support may not be that far away, with the first real test then coming around $50,000.
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