Bitcoin is breaking above a short-term downtrend, which could support further upside toward the $65,000 resistance level.
The relative strength index on the daily chart is rising from neutral levels, which means the pullback in BTC’s price is starting to stabilize.
On the other hand, an immediate price pullback could be limited around the $53,000 support level.
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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis.
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