Bitcoin (BTC) confirmed the break below its short-term uptrend and is now targeting the lower support at $27,000 and $30,000. Sellers may remain active given the loss of upside momentum on the daily, weekly and monthly charts.
BTC was trading around $32,200 at press time and is down 6% in the last 24 hours and 15% in the last week.
Moreover, Bitcoin is down about 50% from its all-time high of $69,000 reached last November, compared to an 80% peak-to-trough decline during the 2018 crypto bear market. At this point, price action does not point to a major cycle low.
The Relative Strength Index (RSI) on the daily chart is more oversold than it has been since January 24, when a relief rally occurred. This time, however, there is a risk that BTC breaks below its one-year price range, which means that buyers could continue to take profits on short-term recoveries.