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Bitcoin Range-Bound; Support at $27K, Resistance at $33K
Technical indicators are neutral, and upside appears limited from here.
Updated May 11, 2023, 3:37 p.m. Published May 24, 2022, 6:30 p.m.
Bitcoin (BTC) continues to trade in a tight range, struggling to make a decisive break above or below $30,000. The cryptocurrency found support around $27,500, which has stabilized price action over the past week.
BTC was trading at around $29,300 at press time and was down by as much as 3% over the past 24 hours.
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The relative strength index (RSI) on the daily chart is rising from oversold levels, but remains capped below the 50 neutral mark. A move above 50 in the daily RSI would confirm a brief recovery in price. For now, upside appears to be limited, initially toward the $33,000-$35,000 resistance zone.
Momentum signals are improving on the daily chart, but remain negative on the weekly and monthly charts. That could increase the risk of a breakdown in price, similar to what occurred in earlier this month.
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What to know:
- 75 of the top 100 coins trade below their 50-day and 200-day simple moving averages.
- Major cryptocurrencies like bitcoin, ether, and solana are underperforming the key averages, denting risk sentiment.
- Only eight of the top 100 coins are considered oversold, indicating that most coins may still have room to fall further.
