Bitcoin Faces Resistance Above $62K After Record Weekly Close

Bitcoin ended Sunday (UTC) well above $61,000, confirming its highest weekly close and putting the lifetime price record of $64,801 on the map.

So far, the follow-through has not been impressive. The cryptocurrency was trading near $61,300, having faced rejection around $62,600 early today.

Bitcoin's four-hour chart with relative strength index. (TradingView)

• Since Friday, buyers have failed several times to establish a foothold above $62,000. That, coupled with the lower highs on the relative strength index (RSI), indicates scope for a temporary price pullback.

• Failure to defend Sunday’s low of $58,943 may bring stronger selling pressure.

• However, optimism stemming from the U.S. Securities and Exchange Commission’s tacit approval of a bitcoin futures-based exchange-traded fund is likely to keep the cryptocurrency well supported on price dips.

Also read: CME Sees Record Open Interest in Bitcoin Futures Ahead of ETF Debut