Sellers leaned on the rally toward the MA level
As posted earlier ("Bitcoin rebounds into topside resistance targets"), the price of bitcoin was well off the sub $10,000 level of yesterday, but was running into some overhead resistance.
A key upside target was the 100 hour MA (blue line in the chart above). That currently comes in at $12,176.50. The high for the day reached $12,146.
Sellers are leaning against the level and the price has rotated back down.
The rise from the low, is looking more corrective as long as the price stays below the 100 hour MA.
A move back below the low from December 22 at $11,159.93 will be more bearish. After that, traders will be eyeing a retest of the 100 day MA which today comes in at $10,701 (not shown).
The price has not closed below the 100 day MA since back in mid July. At that time there were 2 days where the price closed below, before the rally was reignited. That MA at the time was around $2,041. Even at $11,600 (and well off the near $20,000) highs, the gains are quite impressive.
