Bitcoin moves lower

The price of Bitcoin has moved to a new low for the day and lowest level since May 29. The low price just reached $28,832.83. The price currently trades at $29,000.

Looking at the hourly chart, the price has been trading above and below the 100 and 200 hour moving averages since June 8.. The trading today however has been able to stay below the higher 100 hour moving average giving the sellers the bias advantage. As always, trading below the moving averages is more bearish while moving above tilt the bias more to the upside.

The price also moved below a floor area near $29,197. That is made close risk level for sellers looking for more momentum on the break. On the downside March 20 $8615 followed by the $28,000 level low from May 26). Move below $28,000 and it opens the door for further selling momentum.