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Bitcoin Struggles Below $30K; Next Support at $27K
Bitcoin is down 5% over the past 24 hours.
Updated Mar 6, 2023, 3:26 p.m. Published Jul 20, 2021, 11:17 a.m.
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Bitcoin (BTC) sellers were active during Asia hours as the world’s largest cryptocurrency dipped below $30,000 for the first time in four weeks. The next level of support is seen at $27,000, which is a 60% retracement of the March 2020 low.
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Intraday charts appear oversold, which could stabilize some selling pressure. However, upside appears limited below $34,000 given strong overhead resistance.
Bitcoin was trading around $29,600 at press time and is down 5% over the past 24 hours.
- The relative strength index (RSI) on the daily chart is approaching oversold levels. The bullish divergence, defined by higher lows in the RSI from May 19, failed to encourage buying beyond the $36,000 resistance level.
- Bitcoin remains in an intermediate-term downtrend which began in April and is seen by the downward sloping 50-day moving average.
- The weekly chart is not yet oversold, which means sellers are in control as upside momentum fades.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Bitcoin stuck near $88,000 as gold's and silver's record-breaking rallies show exhaustion signs
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- Bitcoin is off its worst levels of the weekend, but still near the year's low at $87,700.
- Facing the same news cycle as crypto, precious metals continued to surge higher, but a quick retreat from their highs on Monday suggested a bit of exhaustion was setting in.
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