Cryptocurrency markets in the last week showed some positive signs with major currencies ending in green and BTC made the new all time high of $64899, but the dominant cryptocurrency by market value corrected by almost 22% from its peak.
Presently, Bitcoin is trading around $56,588 reflecting a gain of about 2.85% approximately over the period of 24-hours.
As we can see from the hourly chart above, BTC is facing resistance around $60,000 levels and it made the lower top lower bottom formation pattern making the 3 week low of $50,505. The asset has taken support at this level and now has started moving upwards. On an hourly time frame, BTC is trading below DEMA (50), which signals weakness. RSI is also below 50. Hence, we conclude that we remain bearish on BTC until it trades and sustains below the resistance levels.
For Bitcoin to go up it needs to break the resistance of $58,900 and if the support level of $53,021 is broken we may see more downside.
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