Bitcoin Pullback Could Stabilize Around $60K Support

Visit the original article*

https://www.coindesk.com/resizer/BumIKhO1Hd0WuFkmFRpLsPQjLss=/cloudfront-us-east-1.images.arcpublishing.com/coindesk/C7F4UMZM4FANHBQD2FXZLHXRZ4.png

Bitcoin (BTC) is consolidating around $63,000 after buyers failed to sustain a price bounce over the weekend.

The cryptocurrency is displaying signs of upside exhaustion on the charts, which suggests further downside is likely, albeit limited toward the $57,000-$60,000 support zone.

The relative strength index (RSI) on the four-hour chart (see above, featured image) registered an oversold signal on Nov. 12, although buyers quickly took profits around the $66,000 resistance level. The RSI is currently neutral, which means a period of consolidation could persist this week.

For now, upside momentum is slowing on the daily chart, indicating risk of a pullback into Asian trading hours.