Bitcoin (BTC) confirmed a break below its short-term uptrend and is now targeting low support between $27,000 and $30,000. Sellers may remain active given the weakening upside momentum on the daily, weekly and monthly charts.
At the time of publication, BTC was trading at around $30,500, down 6% in the last 24 hours and 15% in the last week.
Bitcoin, on the other hand, is down about 50% from its all-time high of about $69,000, which was reached last November. In 2018, during the bear market this year, it saw an 80% decline from peak to trough. At this point, price action does not point to a major cycle low.
The Relative Strength Index (RSI) on the daily chart shows the strongest oversold since January 24, which was preceded by a recovery rally. This time, however, BTC is at risk of falling below its one-year price range, which means buyers could continue to benefit from the short-term rally.