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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.