Bitcoin Range-Bound; Support at $27K, Resistance at $33K

Technical indicators are neutral, and upside appears limited from here.

AccessTimeIconMay 24, 2022 at 6:30 p.m. UTC
Updated May 24, 2022 at 8:37 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 in a tight range, struggling to make a decisive break above or below $30,000. The cryptocurrency found support around $27,500, which has stabilized price action over the past week.

BTC was trading at around $29,300 at press time and was down by as much as 3% over the past 24 hours.

The relative strength index (RSI) on the daily chart is rising from oversold levels, but remains capped below the 50 neutral mark. A move above 50 in the daily RSI would confirm a brief recovery in price. For now, upside appears to be limited, initially toward the $33,000-$35,000 resistance zone.

Momentum signals are improving on the daily chart, but remain negative on the weekly and monthly charts. That could increase the risk of a breakdown in price, similar to what occurred in earlier this month.

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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.

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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.

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