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Bitcoin Drifts Lower, Support at $25K-$27K
BTC is roughly flat over the past week. Technical signals suggest a neutral to bearish outlook.
Updated May 11, 2023, 4:55 p.m. Published May 20, 2022, 5:28 p.m.
Bitcoin (BTC) continues to struggle around the lower end of a yearlong trading range. The cryptocurrency could find support at $25,000 and $27,000, although there is risk of additional breakdowns in price.
BTC was trading at $28,800 at press time and is down by 4% over the past 24 hours and roughly flat over the past week. Recent returns reflect choppy trading conditions with no sense of direction.
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Momentum signals remain mixed despite oversold conditions on the charts. That suggests a neutral to bearish outlook over the next few days.
Lower support is seen at the 200-week moving average, which is currently at $21,954. A break below that level would yield a downside target toward $17,673, which would be a 74% drop from the all-time high of nearly $69,000 achieved last November. Bitcoin fell 83% peak-to-trough in the 2018 bear market.
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