Share this article
BTC
$83,465.47
+
0.95%ETH
$1,807.81
+
1.33%USDT
$0.9997
-
0.00%XRP
$2.1604
+
5.34%BNB
$596.64
+
1.32%SOL
$120.08
+
4.78%USDC
$1.0000
+
0.01%DOGE
$0.1696
+
4.35%ADA
$0.6607
+
3.82%TRX
$0.2370
-
0.71%LINK
$12.91
+
2.68%LEO
$8.9147
-
4.88%TON
$3.2908
-
3.09%XLM
$0.2563
-
0.09%AVAX
$18.20
+
1.71%SUI
$2.2450
+
2.66%SHIB
$0.0₄1233
+
1.97%HBAR
$0.1620
+
1.36%LTC
$83.56
+
1.28%BCH
$302.71
+
1.39%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Bitcoin Slips as Relief Bounce Loses Steam, Support at $27K
Long-term momentum remains negative, capping upside moves in price.
Bitcoin (BTC) pared earlier gains after buyers took some profits below the $33,000 resistance level. The cryptocurrency could find support, initially at $27,500 and then at $25,000.
The relative strength index (RSI) on the four-hour chart reached oversold levels on Monday, which preceded the current pullback in price. And on the daily chart, the RSI returned below the 50 neutral mark, indicating a temporary loss in upside momentum.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
On the weekly chart, bitcoin appears to be oversold, albeit with negative momentum signals. That suggests upside could be limited beyond $35,000.
For now, BTC is roughly one week away from registering a downside exhaustion signal, which previously occurred on June 7 of last year and on Jan. 10 this year. Still, a weekly close above $30,000 is needed to confirm a bullish short-term signal.
If further breakdowns occur, secondary support is seen at $17,673.
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.
