Bitcoin’s price is on a downward trend again today, recently slipping beneath the upward-trending 200-hour moving average (MA) at $96,883. It hit a low of $96,296. Traders are paying close attention to this 200-hour MA for insight into the market’s sentiment. If the price remains below this level, it could indicate a more bearish outlook. However, if the price bounces back above the MA, it might suggest we’ve hit a short-term bottom.
Should the price dip further, we could see it targeting the next levels at $94,306, and then approaching a swing area that incorporates the 38.2% retracement range between $92,092 and $92,442.
Earlier today, Bitcoin’s price fell beneath the 100-hour MA, marked by a blue line, at $99,059. Last week, the price remained above this MA as it ascended to achieve today’s earlier high. For buyers to regain momentum, the price needs to break and hold above this level. Without that shift, sellers will likely maintain their advantage in the short to intermediate term.
