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Bitcoin Struggles Within Choppy Range, Could Stabilize at $30K
Upside appears to be limited.
Bitcoin (BTC) remains in a tight range after buyers took profits at the $34,000 resistance level. The cryptocurrency registered a series of lower price highs over the past few days, which suggests sellers are in control. The price decline could stabilize heading into the weekend at around $30,000 support.
STORY CONTINUES BELOW
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Bitcoin was trading at about $32,000 at press time and is down about 2% over the past week.
- Resistance is seen at the 50-day moving average, which signaled an intermediate-term downtrend since the May sell-off.
- The relative strength index (RSI) is neutral after rising from oversold levels over the past month. That suggests the price could stabilize within the current range with support at $30,000.
- Momentum is slowing, however, and the weekly RSI is not yet oversold. There is risk that a break below $30,000 could resume the downtrend since April.
- For now, buyers could remain active at short-term support, albeit with limited upside given the strong overhead resistance.
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.
