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

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

BTC is in a positive 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, although it is at the bottom of a one-year trading range.

BTC was trading at around $29,000 at the time of this writing and is down 3% in the last 24 hours.

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

Bitcoin faces a strong resistance between $33,000 and $36,000 that could stop a price recovery. On the weekly chart, the momentum remains negative despite overbought levels. This could increase the risk of a price breakout, similar to what happened in March 2020 and November 2018.

This article was translated by Marina Lammertyn.