Bitcoin (BTC) remains neutral and is stuck in a consolidation phase. The cryptocurrency could see a volatile price move once a breakout or breakdown occurs. Indicators are neutral.Read MoreFeedzy
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.
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.
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.
Welcome to The Protocol, CoinDesk's weekly wrap-up of the most important stories in cryptocurrency tech…
Bitcoin zoomed above $97,000, bringing hopes of breaching the landmark $100,000 level on social media,…
Bitcoin layer-2 network GOAT will soon let dogecoin (DOGE) users stake their tokens to earn…
There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark.…
Publicly traded bitcoin (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) miners are approaching the milestone of an aggregated…
Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs…