Bitcoin (BTC) has traded in a tight range of between $27,000 and $30,000 over the past few days. That’s a key support zone for BTC, and it is also the lower bound of a yearlong trading range.
BTC was trading at around $29,000 at press time and is down by 3% over the past 24 hours.
A decisive break below $27,000 could yield further downside targets for BTC, initially toward $17,823. Further, BTC’s downward sloping 50-day moving average indicates persistent trend weakness, which could keep sellers active.
Bitcoin faces strong resistance at between $33,000 and $36,000, which could stall an upswing in price. And on the weekly chart, momentum remains negative despite oversold readings. That could increase the risk of a breakdown in price, similar to what occurred in March 2020 and November 2018.
Save a Seat Now
BTC$28,929.01
3.66%
ETH$1,955.84
4.80%
XRP$0.408422
4.65%
SOL$50.54
8.02%
CRO$0.186406
5.43%
View All Prices
Sign up for Market Wrap, our daily newsletter explaining what happened today in crypto markets – and why.
