Bitcoin Drifts Lower; Support at $25K-$27K

Bitcoin (BTC) continues to struggle around the lower end of a year-long trading range. The cryptocurrency could find support at $25,000 and $27,000, although there is risk of additional breakdowns in price.

BTC was trading at $28,800 at press time and is down by 4% over the past 24 hours and roughly flat over the past week. Recent returns reflect choppy trading conditions with no sense of direction.

Momentum signals remain mixed despite oversold conditions on the charts. That suggests a neutral to bearish outlook over the next few days.

Lower support is seen at the 200-week moving average, currently at $21,954. A break below that level would yield a downside target toward $17,673, which would be a 74% drop from the all-time high near $69,000 achieved in November of last year. For reference, the 2018 bear market experienced an 83% peak-to-trough decline.