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Bitcoin Sell-Off Could Stabilize Around $30K Support
Sellers are in control after bitcoin broke below a series of higher price lows from the June 22 shakeout around $29,000.
Bitcoin (BTC) sellers were active during Asia hours, pushing price below $34,000 support. The cryptocurrency was trading around $32,000 at press time and is down 6% over the past 24 hours. The next level of support is seen around $30,000, which could stabilize the current sell-off.
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- The relative strength index (RSI) is oversold on the four-hour chart for the first time in two weeks. Previous oversold readings triggered 15%-20% relief rallies.
- However, sellers are in control after bitcoin broke below a series of higher price lows from the June 22 shakeout around $29,000.
- Buyers will likely wait to return near $30,000 support, which is the bottom of the month-long trading range.
- A relief bounce should be limited around $33,000 resistance as upside momentum slows.
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.
