Bitcoin Holds Support at $56K, Resistance at $60K-$63K

Bitcoin (BTC) appears to be oversold, which could support a brief rise toward the$-$ resistance zone.

The cryptocurrency has held short- term support at about$ as dealing pressure has stabilized.
The relative strength indicator (RSI) is rising from oversold situations, analogous to what happed onOct. 27, which anteceded a price recovery. On the diurnal map, the RSI is approaching oversold situations for the first time since late-September.

Further, bitcoin’s correction from an each- time high of nearly$ appears to be exhausted, which could encourage buyers to return. Instigation is perfecting into the Asian trading day, although resistance at around$ could limit further upside over the short term.

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