Bitcoin moves back toward $10K
Low dipped to $9953 on Coinbase today
Last week, the price of Bitcoin surged and peaked at $13868.44. Around 24-hours later the price tumbled to $10,300. Since then the price moved to a high of $12444, waffled up and down. Today, the low took out last weeks low on it's way below the $10,000 to $9953. That is a 28.2% decline for the highs. As a friend correctly tweeted...."Bitcoin is in a bear market" (bear markets are typically defined by declines of 20% from the peak). Man....that was quick.
Technically, the price yesterday (remember Bitcoin trading does not sleep) fell below the 200 hour MA (green line) and stayed below on the corrective move higher. We are moving away from that MA (and the 100 hour MA too - blue line). Those MAs are up at $11436 and $11532 respectively. Stay below those MA lines and the bears are in control.
On the downside, a move back below the $10000 level will hurt just because it is a nice round level. The 61.8% of the move up from the June 5 low comes in at $9887.63. Below that level and longs may start getting even more grumpy.