Bitcoin Rises to $30K; Resistance at $35K

BTC is on track to register a positive momentum signal on the daily chart.

AccessTimeIconMay 17, 2022 at 6:34 p.m. UTC
Updated May 17, 2022 at 8:09 p.m. UTC

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.

Bitcoin (BTC) continues to trade around $30,000, which is near the bottom of a year-long price range. The cryptocurrency appears to be stabilizing, although resistance at $33,000 and $35,000 could stall an upswing in price.

BTC is up by 2% over the past 24 hours and down by 24% over the past 30 days. The recent sell-off extended bitcoin's short-term downtrend despite oversold conditions on the chart.

The relative strength index (RSI) on the daily chart is rising from oversold levels, reached on May 12 when BTC declined toward $25,300. Typically, oversold signals precede a price bounce, similar to what occurred in late January.

Further, on the daily chart, BTC on track to register a positive momentum signal, per the MACD indicator for the first time since late March. Still, momentum signals remain negative on the weekly and monthly charts, which suggests limited upside from here.

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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.

CoinDesk - Unknown

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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