Bitcoin Rangebound Between $55K Support and $60K Resistance

Bitcoin (BTC) price momentum is improving, which could limit further downside between the $53,000-$55,000 support range.

Buyers will need to make a decisive move above $60,000 resistance to yield an upside target toward the all-time price high near $69,000.

For now, BTC is trading in a tight range and is roughly flat over the past week. The relative strength index (RSI) on the daily chart is rising from oversold levels last week, which typically precedes a price bounce.

Support remains intact given the upward sloping 100-day moving average. This indicates a positive intermediate-term trend, which could encourage additional buying on pullbacks.

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