Bitcoin (BTC) current price range between $27K and $33K remains intact after several weeks of negative returns. Upside could be limited because of long-term negative momentum.Read MoreFeedzy
BTC is up by 4% over the past 24 hours and is down by 1% over the past week. That suggests the current price range remains intact, which is typical after several weeks of negative returns.
The recent downtrend in price has stabilized above the May 12 low at $25,338, which contributed to rising momentum on the daily chart. For example, the 14-day relative strength index (RSI) returned above the 50 neutral mark Monday after reaching extreme oversold levels on May 9.
Still, momentum remains negative on the weekly and monthly charts, which means an upswing in BTC could be limited. The next resistance zone is between $33,000 and $35,000.
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