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Bitcoin Choppy Around $30K, Support at $25K-$27K
Price bounces have been short-lived, indicating a loss of buying strength.
Updated May 11, 2023, 6:04 p.m. Published Jun 7, 2022, 5:21 p.m.
Bitcoin (BTC) remains in a choppy trading range as short-term indicators are neutral. The cryptocurrency could find support at $25,000 and $27,000 as its price continues to stabilize from last month's sell-off.
BTC was trading at about $29,800 at press time and is down by 4% over the past 24 hours.
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The relative strength index (RSI) on the daily chart returned to below the 50 neutral mark, indicating weak momentum behind the latest price bounces above $30,000. On the weekly chart, the RSI is the most oversold since March 2020, which preceded a rise in crypto prices.
Still, indicators can remain oversold for several weeks, especially within a price downtrend. That means upside could be limited for BTC, with immediate resistance at the 50-day moving average of $33,371.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
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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