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Bitcoin Selling Intensifies; Support at $30K Could Stabilize Correction

 

Bitcoin (BTC) extended losses during the Asia trading day and broke below intraday support at $36,500. The cryptocurrency appears to be stabilizing, although stronger support is seen at $30,000.

BTC was trading around $36,000 at press time and is down 6% over the past 24 hours. For now, upside remains limited beyond the $38,000-$40,000 resistance zone.

On the daily chart, downside exhaustion signals are starting to appear, similar to what occurred on Jan. 24, which preceded a 30% price jump. This time, however, the relative strength index (RSI) is not deeply oversold, which could delay a potential upswing in price.

 

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