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Bitcoin Sell-Off Could Stabilize Around $30K Support
Sellers are in control after bitcoin broke below a series of higher price lows from the June 22 shakeout around $29,000.
Updated Mar 6, 2023, 3:12 p.m. Published Jul 8, 2021, 11:27 a.m.
Bitcoin (BTC) sellers were active during Asia hours, pushing price below $34,000 support. The cryptocurrency was trading around $32,000 at press time and is down 6% over the past 24 hours. The next level of support is seen around $30,000, which could stabilize the current sell-off.
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- The relative strength index (RSI) is oversold on the four-hour chart for the first time in two weeks. Previous oversold readings triggered 15%-20% relief rallies.
- However, sellers are in control after bitcoin broke below a series of higher price lows from the June 22 shakeout around $29,000.
- Buyers will likely wait to return near $30,000 support, which is the bottom of the month-long trading range.
- A relief bounce should be limited around $33,000 resistance as upside momentum slows.
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The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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