FX.co ★ Technical analysis on Bitcoin for May 3rd, 2023.

Blue lines- bearish RSI divergence

Bitcoin is under pressure again. Price recently formed a lower high and is turning lower once again. Support is found at $27,670 area and a break below it will open the way for a deeper correction at least towards $25,000. Is Bitcoin starting a new sequence of lower lows and lower highs. Soon we will have our answer. Until then we only got some warning signs by the lower highs in the RSI. Recent highs just below $30,000, are key short-term resistance. Bulls need to recapture this level in order to hope for a bigger upside movement.