Bitcoin struggles to find support at $27K-$30K

Bitcoin struggles to find support at $27K-$30K

BTC is testing an important support zone, although long-term momentum remains weak.

Bitcoin (BTC) has been trading in a tight range between $27,000 and $30,000 in recent days. This is an important support zone for BTC, which is also the lower limit of a one-year trading range.

At press time, BTC was trading around $29,000 and is down 3% in the last 24 hours.

A decisive break below $27,000 could result in further downside targets for BTC, initially towards $17,823. Moreover, BTC's downward sloping 50-day moving average suggests continued trend weakness that could keep sellers active.

Bitcoin faces strong resistance between $33,000 and $36,000, which could stall a price bounce. And on the weekly chart, momentum remains negative despite oversold levels. This could increase the risk of a price collapse, similar to what happened in March 2020 and November 2018.