Bitcoin (BTC) is testing an important support zone, although upside appears limited, especially on long-term charts. Momentum continues to slow, which increases the risk of a breakdown.Read MoreFeedzy
BTC was trading at around $29,000 at press time and is down by 3% over the past 24 hours.
A decisive break below $27,000 could yield further downside targets for BTC, initially toward $17,823. Further, BTC’s downward sloping 50-day moving average indicates persistent trend weakness, which could keep sellers active.
Bitcoin faces strong resistance at between $33,000 and $36,000, which could stall an upswing in price. And on the weekly chart, momentum remains negative despite oversold readings. That could increase the risk of a breakdown in price, similar to what occurred in March 2020 and November 2018.
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 (BTC) continues to move within its one-week range after recovering from its recent drop…
Alexander Vinnik, the jailed former operator of once mighty bitcoin exchange BTC-e, is being released…
Founder: Nicolas Burtey Date Founded: September 2019 Location of Headquarters: United States Number of Employees:…
Bitcoin Twitter (or Bitcoin X) is having a moment after a 13F filing by Goldman…
After a relatively subdued price performance in 2024, Ethereum (ETH) could be on the verge…
In El Salvador, about two hours away from the capital, up in the mountains, lies…