Bitcoin Struggles Near Resistance; Support at $53K
Long-term momentum is starting to fade, which could limit price gains this month.
![Bitcoin four-hour price chart shows support/resistance levels with RSI on bottom panel (Damanick Dantes/CoinDesk, TradingView)](https://www.coindesk.com/resizer/jyytMeX0CQ3A7tcAqzNnabKpDAY=/567x425/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/NODXXK3WUNECJET6TI7ZJSPUIY.png)
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.