Bitcoin Eases After Rejection at $58.5K; Support at $54K

A key technical indicator on the bitcoin price chart has decoupled from the trend.

Bitcoin looks heavy on short-duration technical charts, having failed to keep gains above $58,000 early Thursday. The cryptocurrency was trading near $57,350 at press time.

  • On the chart above, the relative strength index (RSI) has decoupled from the rising price since Oct. 6. The indicator’s negative divergence suggests a loss of upward momentum and scope for a pullback.
  • The immediate support is seen at $54,000, a level where buyers have consistently stepped in over the past week. A violation there would allow for a slide to $50,000.
  • Progress above daily highs near $58,500 is needed to negate RSI’s bearish divergence and open the doors for new record highs above $64,801.

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