Bitcoin Under Pressure; Support at $27K-$30K

Bitcoin (BTC) confirmed a break below its short-term uptrend and is now targeting lower support at $27,000 and $30,000. Sellers could remain active given the loss of upside momentum on the daily, weekly and monthly charts.

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.

The relative strength index (RSI) on the daily chart is the most oversold since Jan. 24, which preceded a relief rally. This time, however, BTC is at risk of breaking below its year-long price range, which means buyers could continue to take profits on short-term recoveries.

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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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