The price of Bitcoin tumbled on Saturday, running down to a low near $42000 before rebounding higher. The price on Friday was trading near $53700 before the sharp fall.

Bitcoin fell below the 200 day moving average on Saturday

Looking at the daily chart above, the fall back below the 100 day MA (blue line currently at $54,532) and the 38.2% of the move up from the June low at $53567.20, was a negative technical catalyst for the fall. On Saturday, the price high reached just above the 38.2% level, but stayed below the 100 day moving average before rotating back to the downside, and starting the tumble to the $42,000 level.

The rotation back to the upside on Sunday saw the price action stall with more up and down trading in a more modest trading range since the low was reached. That up and down activity has continued today. However, of note technically is that the 200 day moving average at $46,391.46 has not been breached. The low today reached $47,111.

Going forward, if the price can stay above the 200 day moving average, it might give some of the crypto dip buyers some ammunition to push the price back to the upside. Failure to hold the 200 day moving average, however, could also lead to another sharp run jitters from the fall may still be embedded in traders minds.