Bitcoin Struggles Near Resistance; Support at $53K

Bitcoin (BTC) continues to stabilize above the $53,000 support level after last month’s decline.

There appears to be a stalemate, however, between buyers and sellers because the cryptocurrency is roughly flat over the past 24 hours. Resistance is seen around $60,000, which has capped upside moves over the past week.

BTC was trading around $56,000 at press time and is down about 4% over the past week.

The short-term downtrend in BTC is defined by a series of lower price highs since Nov. 10, as seen in the chart above. Recently, oversold signals appeared on the charts, which could encourage short-term buying from the $53,00 support level. A decisive break above $60,000 would reverse the short-term downtrend.

Still, there is strong overhead resistance between $60,000 and $65,000, which could limit price gains this month.