Bitcoin trades to new session lows
Down -9.6% on the day
The price of bitcoin is trading to a new session low of $31100.00. That's the lowest level since since May 23 when the price reached 31107.46. Other swing low targets come in at $30066 and $28800. The 61.8% retracement of the move up from the September 2021 swing low comes in at 30861.87
The high price for bitcoin reached up near $65,000 back on April 14. The low from May at $30,066 was a 53.67% decline from the high. That's a big haircut.
Whether it is because of the decline or just a coincidence, but risk off flows has moved into the US stocks as well. The the NASDAQ index is now lower on the day by about 29 points or -0.22% at 13852. The Dow is down 140 points or -0.40% at 34490. The S&P index is down -12.3 points or -0.29% at 4214.24.