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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. 1 min read
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.
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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BTC recently turned lower from the 200-day average, a barometer of long-term trends. CryptoQuant explains why.
What to know:
- Bitcoin is trading near $77,900 after failing to break above its 200-day moving average around $82,400, a level analysts see as a key test between a bear-market bounce and a sustained recovery.
- CryptoQuant says demand drivers behind the recent rally—leveraged futures buying, spot demand and U.S. spot bitcoin ETF inflows—have...
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