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Bitcoin Choppy Around $30K, Support at $25K-$27K
Price bounces have been short-lived, indicating a loss of buying strength.
Bitcoin (BTC) remains in a choppy trading range as short-term indicators are neutral. The cryptocurrency could find support at $25,000 and $27,000 as its price continues to stabilize from last month's sell-off.
BTC was trading at about $29,800 at press time and is down by 4% over the past 24 hours.
STORY CONTINUES BELOW
The relative strength index (RSI) on the daily chart returned to below the 50 neutral mark, indicating weak momentum behind the latest price bounces above $30,000. On the weekly chart, the RSI is the most oversold since March 2020, which preceded a rise in crypto prices.
Still, indicators can remain oversold for several weeks, especially within a price downtrend. That means upside could be limited for BTC, with immediate resistance at the 50-day moving average of $33,371.
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.
