The price of bitcoin has found support buyers ag 200H MA

The price of bitcoin reached a swing high over the weekend of $24,676. That was the highest level since June 13, and was able to get above the swing highs from July 29 and July 20 between $24,297 and $24,451. However, the break ran out of momentum ahead of the 50% midpoint of the move down from the May 31 high which cuts across at $24,984.

The subsequent fall into today has now taken the price down to test its 200 hour moving average at $22850. The low price for the day stalled just ahead of that level at $22,861. The current price is trading at $22,969.34.

So far the buyers are leaning against the key 200 hour moving average level. A move below would be needed to increase the bearish bias. On a bounce, getting back above the 100 hour moving average at $23,764 (and staying above) would be a key hurdle going forward...