Some analysts expect limited upside in bitcoin despite the possibility of a brief bounce.
Bitcoin is above the 100-period moving average on both the hourly and four-hour chart as the corrective phase stabilizes.
"Kyber Network has underperformed its peers, still trading at relatively low market capitalization," one analyst said.
Bitcoin's range play continues even as short-term price indicator turns bullish.
The options market is flashing signs of concern about an extended price sell-off.
Prices have since begun to cool, with intraday resistance around $38,000 for bitcoin and $2,730 for ether.
The 37.5% decline in May is beat only by September 2011's 40%.
Seven main takeaways on crypto markets from my time at CoinDesk. Plus: the future of the Bitcoin Mining Council.
How do you trade bitcoin now? Carefully.
BTC is down about 37% month to date and has experienced a series of sharp drawdowns similar to 2017 which preceded a bear market.
Why isn't the prospect of more U.S. stimulus boosting bitcoin's price?
"Max pain" for the May expiry is $50,000.
In a word, don't put money in a risky investment that you don't understand well.
BTC is down about 3% over the past seven days as the price recovery from $30,000 stalls.
The fewer coins available for sale on exchanges, the better the chance of markets rising.