NewsletterBitcoin Price Analysis: BTC Price Reclaims $30K Amid Extreme Oversold Market Conditions; Time To Buy?
BTC price action exhibits a framework that hints at a possible upward movement. The price opened lower but quickly recovered to the session’s high. BTC tagged the $30k mark after days of downside moment. The current price action hints at a recovery rally although downside risk remains intact.
- BTC’s price manages to rebound from the swing lows of around $25K.
- Still, the price remains under downward pressure as the trading volume diverges.
- The Fear & Greed Index holds at extreme fear levels, at 10.
As of publication time, BTC/USD reads at $30,440.22, up 5.13% for the day. The 24-hour trading volume of the digital asset holds at $53,023,093,119 with a loss of 41%.
BTC price shows a recovery sign
BTC price indicates that the pioneer cryptocurrency has the potential to rise from the current levels. As the May series began, BTC’s price lost 36% from the highs of $39,864.55 made on May 5. The massive downswing is the consequence as it sliced the short-term support base extending from $32,000 to $34,000 on the daily chart. However, amid the oversold market structure, there is a fair chance of a recovery in the weekly time frame.
On the weekly chart, the BTC price tested the critical 200-day EMA (Exponential Moving Average) at $26,895.01. This level acted as a strong upside barrier for it with the formation of a ‘hammer’ candlestick. Still, a sustained buying pressure would be required to push the price to pierce and tag the horizontal $34,000 mark.
An acceptance above $34,000 would ask for $42,000, above another crucial moving average, 50-day EMA.
On the contrary, a fall below the session’s low would evaporate any bullish hopes. In addition to that, a daily candlestick below $25,000 would open the gates for further lower levels, $18,000 last seen in October.
Technical indicator:
RSI: The daily relative strength index trades below the average line near to the oversold zone. It reads at 31 with a negative bias.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Related Articles
- BlackRock Bitcoin ETF Ranks Among Top ETFs In 2025 Despite Crypto Downturn
- Stablecoin Adoption Deepens as Klarna Turns to Coinbase for Institutional Liquidity
- Ripple, Circle Could Gain Fed Access as Board Seeks Feedback on ‘Skinny Master Account’
- Fed’s Williams Says No Urgency to Cut Rates Further as Crypto Traders Bet Against January Cut
- Trump to Interview BlackRock’s Rick Rieder as Fed Chair Shortlist Narrows to Four
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
