Bitcoin (BTC) continues to trade in a tight range, albeit anchored above $27K support. Technical indicators are neutral, and upside appears to be limited from here.Read MoreFeedzy
BTC was trading around $29,300 at press time and was down by as much as 3% over the past 24 hours.
The relative strength index (RSI) on the daily chart is rising from oversold levels, but remains capped below the 50 neutral mark. A move above 50 in the daily RSI would confirm a brief recovery in price. For now, upside appears to be limited, initially toward the $33,000-$35,000 resistance zone.
Momentum signals are improving on the daily chart, but remain negative on the weekly and monthly charts. That could increase the risk of a breakdown in price, similar to what occurred in earlier this month.
Read more about
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
