Bitcoin Choppy Around $30K, Support at $25K-$27K
Price bounces have been short-lived, indicating a loss of buying strength.
Updated May 11, 2023 at 6:04 p.m. UTC
![Bitcoin's daily chart shows support/resistance. (Damanick Dantes/CoinDesk, TradingView)](https://www.coindesk.com/resizer/I3gg9UpaqGJCqZRz7Jt6AwK8l-4=/567x268/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/Z73F5NT7OJAR3JIZSYVT6XNWK4.png)
BTC was trading at about $29,800 at press time and is down by 4% over the past 24 hours.
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.