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BTC
$84,217.97
-
1.88%ETH
$1,586.35
-
3.40%USDT
$0.9999
+
0.00%XRP
$2.0994
-
3.19%BNB
$583.02
-
0.87%SOL
$126.45
-
4.66%USDC
$0.9999
+
0.01%TRX
$0.2546
+
2.76%DOGE
$0.1542
-
3.24%ADA
$0.6093
-
4.25%LEO
$9.3646
-
0.68%LINK
$12.27
-
2.98%AVAX
$19.00
-
5.09%XLM
$0.2370
-
2.27%TON
$2.8951
-
3.07%SHIB
$0.0₄1178
-
1.79%SUI
$2.1007
-
4.37%HBAR
$0.1586
-
3.74%BCH
$321.07
-
2.79%LTC
$75.01
-
3.28%Bitcoin Finds Support at $30K; Faces Resistance at $36K
BTC is down about 22% over the past seven days.
The sell-off in bitcoin (BTC) has been stabilizing around $30,000 support since Monday, which could attract short-term buyers. Upside appears limited near the $36,000 resistance level given the near three-month downtrend.
STORY CONTINUES BELOW
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Bitcoin was trading around $31,700 at press time and is down about 22% over the past seven days. Sellers remain in control, which could cap upside moves this week.
- The relative strength index (RSI) registered an oversold reading on May 19. Since then, buyers have defended support around $30,000.
- Upside momentum is weak, evidenced by several weeks of consolidation below $41,000 resistance.
- The RSI on the weekly chart is not yet oversold, meaning sellers have not yet capitulated.
- Lower support is seen around $27,000, which is a 61% retracement of the March 2020 low.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
