# Bitcoin Held Support at $53K, Faces Initial Resistance Around $60K

By [jiaze](https://paragraph.com/@grapeprotocol) · 2021-11-25

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Bitcoin (BTC) is holding support above its 100-day moving average, which is currently at $53,700. The cryptocurrency was trading around $57,000 at press time and could see further upside toward the $60,000 resistance level over the short term.

The relative strength index ([RSI](https://cmtassociation.org/kb/relative-strength-index-rsi/)) on the daily chart is almost oversold, similar to what occurred in late-July and September, which preceded near-50% price rallies. Still, buyers will need to break above the $60,000-$65,000 resistance zone in order to yield upside price targets.

Price momentum is slowing on the daily chart, although initial signs of downside exhaustion could stabilize the intermediate-term uptrend from July. Volatility will likely return into the U.S. Thanksgiving holiday, which could lead to sharp price movements over the weekend.

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*Originally published on [jiaze](https://paragraph.com/@grapeprotocol/bitcoin-held-support-at-53k-faces-initial-resistance-around-60k)*