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Has Bitcoin (BTC) entered the oversold zone yet?

The bulls failed to seize the initiative today and cryptocurrency prices continued to decline. Solana (SOL) is the biggest loser among the top 10 coins, down nearly 22%.

Top Coins by CoinMarketCap


Bitcoin (BTC) is down the least today, down 8.45% in the past 24 hours.


BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) broke the local level at $29,283 and is attempting to fix above it. If the buyers succeed, the upside can continue into the key $30,000 zone.


BTC/USD chart by TradingView

On the daily timeframe, Bitcoin (BTC) managed a false breakout above the $27,757 level.

If the buy volume keeps increasing, the bullish move above the crucial $30,000 level can resume.


BTC/USD chart by TradingView

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

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

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