Bitcoin Breaking Down, Support at $30K
A weekly close below $36,247 could yield further downside targets.
Bitcoin (BTC) broke below a short-term uptrend as momentum signals turned negative. The cryptocurrency could see further declines toward $30,000, which is near the bottom of a year-long trading range.
BTC failed to hold $40,000 over the past few months and is down by 47% from its all-time high around $69,000 achieved in November of last year. The long-term uptrend has weakened, which suggests upside remains limited this year.
On the weekly chart, BTC is at risk of breaking below its 100-week moving average at $36,247. A second weekly close below that level could yield downside targets toward $30,000 and then $17,823 (a roughly 80% peak-to-trough decline, on par with the 2018 crypto bear market).
Still, May is typically a seasonally strong period for stocks and cryptos. That could keep short-term buyers active at lower support levels, albeit lacking conviction to shift the recent downtrend in price.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
Why it matters:
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
