The price of bitcoin has broken lower and trades at its lowest level since May 12.

Bitcoin
Bitcoin falls below support

Looking at the hourly chart above, the floor level came $28,600. Once the price broke below that level and then the lower 50% midpoint of the move up from the May 12 low at $28,406, buyers turned to sellers. The price low has now reached 28,003, and trades at $28,208 as I type.

Traders will now use the $28,406 to $28,600 as topside resistance. The 61.8% retracement of the range since May 12 at $27,697 is the next downside target.