Share this article
BTC
$108,639.14
+
1.67%ETH
$2,511.14
+
1.99%USDT
$1.0004
+
0.02%XRP
$2.3948
+
0.61%BNB
$672.09
+
1.80%SOL
$171.01
+
1.85%USDC
$0.9997
+
0.02%DOGE
$0.2305
+
2.92%ADA
$0.7627
+
3.65%TRX
$0.2666
-
0.82%SUI
$3.9183
+
1.64%LINK
$15.98
+
1.79%AVAX
$22.91
+
3.28%XLM
$0.2914
+
2.71%HYPE
$28.00
+
2.52%SHIB
$0.0₄1477
+
2.26%HBAR
$0.1972
+
1.29%LEO
$8.8157
+
0.92%BCH
$406.33
+
2.85%TON
$3.0754
+
0.18%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Bitcoin Under Pressure, Faces Support at $30K
Contracting Bollinger bands suggest a big move is overdue.
Bitcoin's quick recovery from 2 1/2-week lows below $32,000 seen Wednesday doesn't seem to have inspired buyers. The cryptocurrency is currently trading 3% lower on the day near $31,750 amid fresh signs of bearishness in daily chart indicators.
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The 14-day relative strength index (RSI) has dropped below the two-month rising trendline. The pattern indicates that price consolidation may end with a bearish move.
- The MACD histogram, an indicator used to identify trend changes and gauge trend strength, is teasing a bearish crossover below zero.
- However, intermediate-term studies favor a bullish breakout from the ongoing price squeeze.
- On the higher side, the 50-day simple moving average at $35,240 remains the level to beat for the bulls.
- Contracting Bollinger bands suggest a big move is overdue.

Also read: Bitcoin Little Changed Amid Uncertainty in Release of Grayscale Shares
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
