Bitcoin
$64,693.82+1.50%
Ethereum
$3,159.65+0.78%
Binance Coin
$607.30-0.07%
Solana
$145.85-0.07%
XRP
$0.52572385+0.72%
Dogecoin
$0.15087879+0.19%
Toncoin
$5.43+2.25%
Cardano
$0.47453724+0.70%
Shiba Inu
$0.00002565+1.35%
Avalanche
$35.77+0.76%
Tron
$0.11933296+2.79%
Wrapped Bitcoin
$64,836.59+1.63%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to Consensus 2024The largest and longest running event that covers all sides of Crypto and Web 3
32
DAYS
21
HR
38
MIN
13
SEC
Markets

Bitcoin Struggles to Hold Support at $27K-$30K

BTC is testing an important support zone, although long-term momentum remains weak.

By Damanick Dantes
AccessTimeIconMay 18, 2022 at 5:50 p.m. UTC
Updated May 11, 2023 at 3:36 p.m. UTC
Bitcoin's daily chart shows support/resistance levels. (Damanick Dantes/CoinDesk, TradingView)
Bitcoin's daily chart shows support/resistance levels. (Damanick Dantes/CoinDesk, TradingView)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin (BTC) has traded in a tight range of between $27,000 and $30,000 over the past few days. That's a key support zone for BTC, and it is also the lower bound of a yearlong trading range.

BTC was trading at around $29,000 at press time and is down by 3% over the past 24 hours.

A decisive break below $27,000 could yield further downside targets for BTC, initially toward $17,823. Further, BTC's downward sloping 50-day moving average indicates persistent trend weakness, which could keep sellers active.

Bitcoin faces strong resistance at between $33,000 and $36,000, which could stall an upswing in price. And on the weekly chart, momentum remains negative despite oversold readings. That could increase the risk of a breakdown in price, similar to what occurred in March 2020 and November 2018.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Damanick Dantes
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.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.