Bitcoin (BTC) continues to struggle around the lower end of a year-long trading range. The cryptocurrency could find support at $25,000 and $27,000, although there is a risk of further declines.
At press time, BTC was trading at $28,800 and is down 4% over the past 24 hours, while remaining roughly flat over the past week. Recent returns reflect choppy trading conditions with no direction apparent.
Momentum signals remain mixed despite oversold conditions on the charts. This suggests a neutral to bearish outlook for the next few days.
Lower support is located at the 200-week moving average, currently at $21,954. A break below this level would result in a downside target towards $17,673, which would represent a 74% decline from the all-time high at $69,000 in November last year. By comparison, the 2018 bear market saw an 83% decline from peak to trough.