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Bitcoin Under Pressure, Lower Support at $30K-$35K
Momentum signals remain negative, indicating consistent selling pressure over the past month.
Updated May 11, 2023, 4:59 p.m. Published Feb 18, 2022, 7:26 p.m.
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Bitcoin (BTC) remains in its short-term downtrend begun in November, currently off 40% from its all-time high near $69,000. The cryptocurrency was testing initial support at $40,000 at press time, although stronger support is seen at $30,000, which was roughly the bottom of 2021's selloff.
Momentum signals remain negative, indicating consistent selling pressure over the past month. Further, BTC was unable to break above its 40-week moving average at $45,724, which presents a bearish bias.
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Still, the relative strength index (RSI) on the weekly chart is rising from its most oversold level since March 2020. That could keep short-term buyers active so long as the $30,000 support level holds.
If the $28,000-$30,000 range is broken, prices could experience additional downside, similar to the 80% peak-to-trough decline during the 2018 bear market.
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