Bitcoin (BTC) is trading in a choppy range, although upside appears to be limited as the downtrend stabilizes. Countertrend signals could point to a relief rally in BTC and stocks, although it is too early to confirm.Read MoreFeedzy
Bitcoin (BTC) held short-term support above $27,500 as buyers reacted to oversold conditions on the charts. The cryptocurrency could face resistance at $35,000, which is where the current downtrend accelerated earlier this month.
BTC was trading at $30,100 at press time and was up by 3% over the past 24 hours.
The relative strength index (RSI) on the daily chart is rising from oversold levels, which could keep short-term buyers active. Further, short-term momentum is improving, similar to what occurred in early March, which preceded a brief relief rally in price.
A countertrend reversal signal, per the DeMARK indicators, appeared on BTC’s daily chart on May 12 alongside major equity indices. That suggests a relief rally in speculative assets could delay additional breakdowns in price.
Still, BTC will need to register a weekly close above $30,000 (and above 4,000 for the S&P 500) to confirm short-term bullish signals. For now, upside appears to be limited because of negative momentum signals on the weekly and monthly charts.
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.
Bitcoin price started a fresh upward move above $102,000. BTC is rising and might gain…
Elon Musk's Tesla (TSLA) appeared to take advantage of a new accounting rule allowing for…
According to a TradingView crypto analyst named ‘TradingShot,’ the Bitcoin price has formed a Double…
Bitcoin (BTC) has shown a swift recovery, climbing back above $95,000 after experiencing a notable…
In the intricate dance of global finance, few metrics are as telling as the M2…
Something has fundamentally changed in this ecosystem. A big shift in the core ethos of…