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Bitcoin Choppy Around $30K, Support at $25K-$27K

Bitcoin (BTC) price bounces have been short-lived, lacking significant momentum for a turnaround. Lower support is seen at $25K-$27K and resistance at $33K.Read MoreFeedzy

Bitcoin (BTC) remains in a choppy trading range as short-term indicators are neutral. The cryptocurrency could find support at $25,000 and $27,000 as its price continues to stabilize from last month’s sell-off.

BTC was trading at about $29,800 at press time and is down by 4% over the past 24 hours.

The relative strength index (RSI) on the daily chart returned to below the 50 neutral mark, indicating weak momentum behind the latest price bounces above $30,000. On the weekly chart, the RSI is the most oversold since March 2020, which preceded a rise in crypto prices.

Still, indicators can remain oversold for several weeks, especially within a price downtrend. That means upside could be limited for BTC, with immediate resistance at the 50-day moving average of $33,371.

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