Bitcoin Dips Below $38K, Support at $30K-$32K

BTC is in danger of breaking below a short-term uptrend.

AccessTimeIconMay 5, 2022 at 6:07 p.m. UTC
Updated May 11, 2023 at 6:10 p.m. UTC
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Bitcoin (BTC) dropped by 5% over the past 24 hours, reversing Wednesday's relief rally. The cryptocurrency may break below a series of higher price lows that has formed a trend since Jan. 24, which could yield further downside toward the $30,000-$32,000 support zone.

Still, a daily close above $37,500 could signal short-term stabilization. For now, upside appears to be limited despite intraday price swings, evidenced by slowing momentum on the daily, weekly and monthly charts.

BTC was recently trading at $36,800 and is down 6% over the past week.

The slope of the 100-day moving average has flattened over the past few months, which indicates weakness in the relief phase since the Jan. 24 price low near $32,900. Immediate resistance is seen at $40,000, which could limit buying activity over the short term.

Additionally, selling volume isn't as extreme compared with previous down moves in price. That suggests further downside is likely before sellers capitulate.

The 20-day moving average of BTC's trading volume based on Coinbase exchange data provided by TradingView declined from February to April, reflecting weak buying pressure within the $35,000-$46,000 price range.

The uptick in volume since late April, although negligible, should be monitored for signs of heightened selling pressure, which could signal a brief price low of around $30,000.


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Damanick Dantes

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

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