The price of a Bitcoin is down sharply in trading today, and has moved down to test it 100-day moving average at $66,723. The low price for the day has reached $66,529. That low is below the 100-day moving average,but still within a swing area (see green numbered circles on the chart above) between $66,343 and $67,477.
Breaking below the low of that swing area would give sellers more confidence, and more control. It would open a door for further selling. The 38.2% retracement of the move-up from the January 2024 low (low for the year) comes in at $60,314. That may be a target if the support is broken and remains broken.
Conversely, stay above the low of the swing area, and move above $67,477, and a rotation back to the highs will be the path of least resistance.
Key test for the price of Bitcoin.
This article was written by Greg Michalowski at www.forexlive.com. Source