Share this article
Bitcoin Struggles at $27K-$30K Support Zone; Resistance at $35K
BTC's upside appears limited despite short-term support.
Updated May 11, 2023, 4:55 p.m. Published May 16, 2022, 5:23 p.m.
Bitcoin (BTC) is stabilizing around the $30,000 price level after last week's sell-off. The cryptocurrency must remain above the $27,000-$30,000 support zone this week in order to generate a positive short-term momentum signal.
BTC was trading around $29,300 at press time and is down by 3% over the past 24 hours.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The relative strength index (RSI) on the daily chart is rising from oversold levels, which could keep buyers active at support. The RSI is also oversold on the weekly chart, although negative momentum could cap upside moves in price.
Immediate resistance is seen at $33,000 and $35,000, which is where a breakdown in price occurred earlier this month. That suggests a large number of sell orders could limit a relief rally over the next two weeks.
Further, the recent underperformance of alternative cryptos (altcoins) relative to bitcoin suggests a lower appetite for risk among crypto traders. Typically, alts decline by more than bitcoin during down markets because of their higher risk profile. The broader risk-off environment could keep BTC's short-term downtrend intact.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
XRP Ledger Upgrade Lays Groundwork for Lending, Tokenization Expansion
One of the amendments in the new release corrects an accounting error affecting Multi-Purpose Tokens (MPTs) held in escrow.
What to know:
- The XRP Ledger released version 3.0.0 of its server software, rippled, focusing on amendments, bug fixes and improving accounting accuracy and protocol extensibility.
- Operators must upgrade to the new version to maintain network compatibility because the update addresses ledger inconsistencies and prepares for future upgrades.
- Key changes include fixing token escrow accounting errors, enhancing consensus stall detection and tightening security measures, which are crucial for XRPL's expansion into tokenization and DeFi.
Top Stories
