Bitcoin collapsed lower today/this week, but bounces near a lower trend line
Lower trend line comes in at $3712.
The price of bitcoin has collapsed lower in trading today to an intraday low of $3858. That was the lowest level since March 2019. At the low the price also got close to a lower trendline connecting swing lows going back to 2019. That trend line cuts across at $3712.
The price has rebounded and is down only about $659 currently at $5047.53 the high price for the day reached just short of the $6000 level at $5995 so with the daily range of nearly $2100 from low to high, that is quite a huge range of volatility.
Drilling to the hourly chart below, the correction high today of the move down from the Tuesday high reached just short of the 50% retracement at $6008.13. Staying below, keeps the sellers more in control.
For the week (going back to last Friday, the price decline moved from a level around $9140. With the current price at around $5040, that is a decline of 44%.
Big move. Big collapse.