Bitcoin Drifts Lower, Support at $25K-$27K

BTC is roughly flat over the past week. Technical signals suggest a neutral to bearish outlook.

AccessTimeIconMay 20, 2022 at 5:28 p.m. UTC
Updated May 11, 2023 at 4:55 p.m. UTC
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Bitcoin (BTC) continues to struggle around the lower end of a yearlong trading range. The cryptocurrency could find support at $25,000 and $27,000, although there is risk of additional breakdowns in price.

BTC was trading at $28,800 at press time and is down by 4% over the past 24 hours and roughly flat over the past week. Recent returns reflect choppy trading conditions with no sense of direction.

Momentum signals remain mixed despite oversold conditions on the charts. That suggests a neutral to bearish outlook over the next few days.

Lower support is seen at the 200-week moving average, which is currently at $21,954. A break below that level would yield a downside target toward $17,673, which would be a 74% drop from the all-time high of nearly $69,000 achieved last November. Bitcoin fell 83% peak-to-trough in the 2018 bear market.

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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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