Bitcoin (BTC) continues to trade in a tight range, struggling to make a decisive break above or below $30,000. The cryptocurrency found support at $27,500, which stabilized the price action last week.
At press time, BTC was trading around $29,300 and fell as much as 3% in the last 24 hours.
The Relative Strength Index (RSI) on the daily chart is rising from the oversold zone, but remains below the neutral level of 50. A rise in the RSI on the daily chart above 50 would confirm a short price recovery. For now, the upside potential seems limited, initially towards the resistance zone between $33,000 and $35,000.
Momentum signals are improving on the daily chart, but remain negative on the weekly and monthly charts. This could increase the risk of a price slump, as seen earlier this month.