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Bitcoin Struggles Near $27K-$30K Support Zone
BTC is deeply oversold, but upside appears limited.
Updated May 11, 2023, 4:55 p.m. Published May 11, 2022, 6:02 p.m.
Bitcoin (BTC) is down by 6% over the past 24 hours and is trading at the bottom of a year-long price range. The cryptocurrency could find support between $27,000 and $30,000, although negative momentum signals point to additional breakdowns.
The relative strength index (RSI) on the daily chart is deeply oversold, similar to what occurred on Jan. 24 of this year and May 20 of last year. Still, in a downtrend, oversold conditions can persist for a few weeks before an upswing in price occurs.
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On the weekly chart, the RSI is the most oversold since March 2020, which preceded a strong rally. This time, however, long-term momentum has deteriorated, suggesting limited upside beyond the upper $40,000-$45,000 resistance zone.
For now, a relief rally could be brief, especially given the strong break below $35,000 last week.
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