Bitcoin Under Pressure; Support at $27K-$30K
BTC's breakdown is confirmed and upside appears limited.
Updated May 11, 2023 at 3:52 p.m. UTC
BTC was trading around $32,200 at press time and is down 6% over the past 24 hours and 15% over the past week.
Further, bitcoin is roughly 50% below its all-time high near $69,000, achieved in November of last year, compared to an 80% peak-to-trough decline during the 2018 crypto bear market. At this point, price action does not indicate a major cycle low.