Bitcoin (BTC) buyers took some profits below the $33K resistance level. Long-term momentum remains negative, capping upside moves in price. For now, lower support is at $25K-$27K.Read MoreFeedzy
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.
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.
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 Development Company MicroStrategy (MSTR) added 55,500 of the largest cryptocurrency for $5.4 billion, bringing…
Starting next Monday, First Mover Americas will become Crypto Daybook Americas, your new morning briefing…
What does the ragtag group including a fitness equipment maker, biopharmaceutical company and producer of…
After a prolonged downtrend relative to bitcoin (BTC), Ethereum's ether (ETH) is showing signs of…
A bitcoin (BTC)-led crypto market correction continued into its third day as the asset lost…
Bitcoin's (BTC) much-anticipated breakout above $100,000 remains out of reach, with prices retreating to $94,500…