Bitcoin (BTC) buyers defended short-term support around $54,000 but will face heavy resistance around $58,000. On the 4-hour chart, bitcoin is now the most oversold since the February 28 low around $42,900, which preceded a near 40% price rally.

• The long-term trend is still weakening, defined by lower highs on the relative strength index (RSI), which was noted on the daily price chart.
• Slowing upside momentum indicated profit taking around the $60,000 price level, as expected in earlier posts.
• For now, bitcoin will need to hold above the $54,000 level to sustain its uptrend on the 4-hour chart. If bitcoin breaks this level, lower support is seen around $50,000 and then $46,000.