Has Bitcoin (BTC) entered the oversold zone yet?

Denys Serhiichuk U.Today

Bulls could not seize the initiative today, and the rates of cryptocurrencies have continued going down. Solana (SOL) is the biggest loser among the top 10 coins, falling by almost 22%.

Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has fallen the least today, declining by 8.45% over the last 24 hours.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) has broken the local level at $29,283 and is trying to fix above. If buyers succeed, the upward move can continue to the vital zone around $30,000.

BTC/USD chart by TradingView

On the daily time frame, Bitcoin (BTC) has made a false breakout of the level of $27,757.

If the buying volume keeps rising, the upward move can continue above the vital $30,000 mark.

BTC/USD chart by TradingView

On the weekly chart, Bitcoin (BTC) has also made a false breakout of the old level at $25,831. The selling trading volume remains high, which means that bears are not going to give up. However, if the weekly candle closes above the $30,000 mark, the upcoming week might be bullish for the leading cryptocurrency.

Bitcoin is trading at $29,203 at press time.

Read full original article on U.Today

Author

Denys Serhiichuk

U.Today

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Dogecoin ticks lower as low Open Interest, funding rate weigh on buyers

Dogecoin extends its decline as risk-off sentiment dominates across the crypto market. DOGE’s derivatives market remains weak amid suppressed futures Open Interest and perpetual funding rate.

Crypto Today: Bitcoin, Ethereum, XRP decline as risk-off sentiment escalates

Bitcoin remains under pressure, trading above the $87,000 support at the time of writing on Tuesday. Selling pressure has continued to weigh on the broader cryptocurrency market since Monday, triggering declines across altcoins, including Ethereum and Ripple.