The long-term uptrend in bitcoin (BTC) has stabilized after the price held support around $50,000 last week. Resistance is seen at $60,000, pending a breakout to a new all-time-high.
BTC held support at the 50-day volume weighted average, which has preceded strong rallies this year.
Lower highs on the daily relative strength index (RSI) suggests caution, although downside has been well supported around the neutral mark.
Intraday overbought signals are not yet extreme, which should keep buyers active towards $60,000-$61,000.
Lower support around $42,000 was defined by the February 8 breakout. Although the price successfully retested that level on February 28, which reignited the uptrend. Traders should adjust support levels higher to around $52,000.
Daily chart shows BTC uptrend remains intact, pending breakout from month-long consolidation.
Source: TradingView
