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Bitcoin (BTC) is consolidating around $63,000 after buyers failed to sustain a price bounce over the weekend.

The cryptocurrency is displaying signs of upside exhaustion on the charts, which suggests further downside is likely, albeit limited toward the $57,000-$60,000 support zone.

The relative strength index (RSI) on the four-hour chart (see above, featured image) registered an oversold signal on Nov. 12, although buyers quickly took profits around the $66,000 resistance level. The RSI is currently neutral, which means a period of consolidation could persist this week.

For now, upside momentum is slowing on the daily chart, indicating risk of a pullback into Asian trading hours.

Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio manager at Cannon Advisors, which does not invest in digital assets. Damanick does not own cryptocurrencies.

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source: https://www.coindesk.com/markets/2021/11/15/bitcoin-pullback-could-stabilize-around-60k-support/

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