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Bitcoin Stabilizes in Tight Range; Support at $27K, Resistance at $30K-$35K
BTC has shown no signs of life, but a volatile price move is likely.
Bitcoin (BTC) is in a consolidation phase, which is defined by a tight price range with low trading volume. So far, the cryptocurrency has struggled to make a decisive move above $30,000, which is near the top of its recent range.
BTC is up by 3% over the past 24 hours, and momentum has improved over the past week. That means buyers could remain active above the $27,500 support level.
STORY CONTINUES BELOW
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The sharp down move on May 12 toward $25,300 occurred on high volume, which could be a sign of capitulation, albeit less significant than in the previous sell-off.
Still, despite room for a price bounce, upside appears to be limited because of negative momentum readings on the weekly and monthly charts.
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.
