Bitcoin falls to a new low. Follows the stocks lower into the NY stock close

As US stocks trade to new lows as the clock ticks to the close for the day, the price of bitcoin is also making a move to the downside.

Looking at the hourly chart of bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term, the price has moved below the earlier low for the day at $19520.00 and has now moved back toward the swing low from July 5 at $19363.40. Going back to the end of June and beginning of July the $19281 to $19381 area was home to a number of swing lows ahead of the low extremes at $18595.60 extreme low, and $18763.96 and $18917.86 ahead of that extreme low level.

Helping the bearish technical storyline today is both of the corrective swing highs from earlier today, both stalled ahead of the broken 61.8% of the range since the June 30 at $20049.26. Bearish. Getting back above that level will be needed technically to give the buyers some added confidence to the upside.

As mentioned the stocks are lower and the declines correspond with the move back down in the Bitcoin. The US CPI fear seems to be taking some credit for the fear. Tomorrow may be a different story after the fact, but the technical levels are being established in the digital currency in the meantime.