Bitcoin falls back below its 200 and 100 hour moving averages
The price of bitcoin is on the moved to the downside once again. The digital currency is now down over $4000 and over 10% on the day. The the low price just reached $34,500.
Looking at the hourly chart, the price has accelerated to the downside after breaking back below its 200 hour moving average at $37,599 and then its 100 day moving average at $36,030. Stay below those levels tilts the bias more to the downside from a technical perspective. The next major downside target comes in at $32,684.57 where the 38.2% retracement is currently found (there were lows near that level on Tuesday and Wednesday).
A week ago, the price settled at $40,652. With the current price around $34,500 that represents a 15.13% decline. The low for the week reached just above the $30,000 level at $30,100 on Monday. That level was also just above the 50% retracement of the same move higher from the December 11 low at $29,811.24. At the low, the price had move down some -28.3% from the high.
Sellers back in control below the hourly moving averages. Market volatility remains extremely high.