Bitcoin price remains around $57,000, could see further upside toward the $60,000 resistance level over short term

Bitcoin price is holding support above its 100-day moving average, currently at $53,700. The cryptocurrency is trading around $57,000, and further upside could be towards the $60,000 resistance in the short term. At the time of writing, BTC is changing hands at $57,968.

bitcoin-price-remains-around-57000

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price falls in pre-holiday trading while Ether drops

Bitcoin remains around $57,000 a day before the U.S. Thanksgiving holiday, while tether’s discount to the Chinese yuan mostly recovers from the extended shock of China’s September crypto trading ban. Initial signs of downside exhaustion could stabilize the intermediate-term uptrend from July. Volatility will likely return into the U.S. Thanksgiving holiday, leading to sharp price movements over the weekend.

Bitcoin spent most of Wednesday trading below $58,000 with low trading volume as the U.S. enters the Thanksgiving holiday. Ether dropped below $4,300, a more than 2% decline.

Meanwhile, a recovery in the price for the USDT/CNY (tether/Chinese yuan) pair indicated the market in China is slowly recovering from the country’s September strict ban on crypto trading, according to the Hong Kong-based crypto financial service provider Babel Finance.

The daily chart’s Relative Strength Index (RSI) 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 to yield upside price targets.

bitcoin-price-remains-around-57000

Source: CoinMarketCap

Similar to bitcoin, ether’s volatility has also trended lower, albeit with greater swings. This is likely due to more speculative interest in the options market for ETH relative to BTC.

Most cryptocurrencies in the market ended the day lower. The overall cryptocurrency market cap now stands at $2.609 trillion, and Bitcoin’s Dominance rate is 42%.

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