Bitcoin Stabilizes in Tight Trading Range, Resistance at $33K

BTC continues to trade around a midpoint of $30,000 as indicators remain neutral.

AccessTimeIconJun 2, 2022 at 5:47 p.m. UTC
Updated May 11, 2023 at 6:06 p.m. UTC

Bitcoin (BTC) held initial support near $29,300, which was where an upswing in price originated over the past weekend.

BTC was trading around $30,200 at press time and is roughly flat over the past 24 hours and up by 3% over the past week.

The cryptocurrency remains in a tight intraday range, with a midpoint at $30,100. That's where the most trading volume occurred over the past two weeks. For now, BTC's price could continue to revert to that midpoint level until a decisive breakout or breakdown is confirmed.

Upside appears to be limited between the $33,000-$35,000 resistance zone, especially as momentum signals remain negative on long-term charts.

Still, momentum remains positive on the daily chart, which could keep short-term buyers active. The 14-day relative strength index (RSI) will need to return above the 50 neutral mark to sustain a recovery bounce in price.

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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.