Bitcoin Returns Above $58K as Momentum Improves

Bitcoin (BTC) is holding support above its 100-day moving average, currently around $54,200, as last week’s sell-off stabilizes.

The cryptocurrency was trading around $58,000 at press time and could face initial resistance at $60,000-$63,000.

Price momentum is starting to recover on the daily chart, which suggests buyers could remain active into the Asia trading day. Additionally, the relative strength index (RSI) on the daily chart is near oversold levels similar to what occurred in late September, which preceded a price rally.

For now, buyers will need to clear resistance in order to yield further upside targets. Longer-term indicators have shifted neutral as buyers failed to sustain an all-time high near $69,000 over the past month.