Bitcoin falls to its lowest level in 2 years

The price of bitcoin has slipped to its lowest level in 2 years. The low price just reached $15,588. That took the price below the low price from last week at $15,632, and to the lowest level since the week of November 9, 2020. The price has already rebounded to $15,798.

Looking at the hourly chart, it would take a move back above the $16,184 to $16,218 swing area, to give the buyers some comfort (see red numbered circles). Ultimately, however, a move back above the 100 and 200 hour moving averages near $16,550 would be needed to increase the bullish bias (see blue and green lines in the chart above).