Bit Digital stock trades near $1.29 support as weak momentum weighs on shares

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Bit Digital drops 3.4% today

Highlights

BTBT/USD remains under strong bearish pressure, trading persistently below key moving averages across all timeframes.
Momentum indicators and oscillators confirm pronounced downside exhaustion, with negligible probability of an imminent bullish reversal.
Price is expected to remain range-bound between $1.29 and $1.55, with a high likelihood of further declines if $1.29 support breaks.

Oversold indicators reinforce downward pressure below resistance

On the hourly chart, BTBT is trading below both the 20-period moving average at $1.52 and the 50-period moving average at $1.61. On the daily timeframe, BTBT also remains firmly beneath the 200-period moving average at $2.15, with immediate resistance at the Ichimoku Kijun of $1.57. Momentum indicators confirm downward momentum: Moving Average Convergence Divergence (MACD) and Average Directional Index (ADX) both signal a strong sell trend. The Relative Strength Index (RSI) sits deep in oversold territory at 26.95, with Stochastic RSI and Commodity Channel Index (CCI) also oversold, confirming clear downside exhaustion. Bull/Bear Power shows seller dominance, and the Awesome Oscillator adds further evidence to the downward move.

Bearish outlook as volatility constrains price range

In the short term, price is forecast to trade within a band between $1.29 and $1.55, reflecting recent volatility. There is a very low probability of price moving higher, while further downside is considered highly likely. The baseline scenario is for BTBT to remain range-bound in the $1.29$1.55 corridor, while a sustained break above $1.57 would be needed to reverse sentiment. If the price falls below $1.29, further declines could accelerate.

Anton Kharitonov, analyst at Traders Union, sees persistent technical weakness in Bit Digital with no supportive news flow to shift sentiment. Price is locked below all major moving averages and indicators remain bearish, signaling the probability of continued downside. The base case remains a sideways move between $1.29 and $1.55, with further losses likely if $1.29 fails. "Until the price firmly reclaims $1.57, I see little reason to expect a reversal here."

Earlier, analysts noted that Bit Digital faced persistent selling pressure and a bearish technical outlook as investors questioned its strategic shift. The latest analysis reinforces this negative trend, and traders should monitor for a decisive move below $1.29, which could signal increased downside risk.

Source of Data: BTBT Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.