Bitcoin backtracks to test its 200 hour moving average. Buyers leaning so far.

The price of bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term reached a swing high over the weekend of $24,676. That was the highest level since June 13, and was able to get above the swing highs from July 29 and July 20 between $24,297 and $24,451. However, the break ran out of momentum ahead of the 50% midpoint of the move down from the May 31 high which cuts across at $24,984.

The subsequent fall into today has now taken the price down to test its 200 hour moving average at $22850. The low price for the day stalled just ahead of that level at $22,861. The current price is trading at $22,969.34.

So far the buyers are leaning against the key 200 hour moving average level. A move below would be needed to increase the bearish bias. On a bounce, getting back above the 100 hour moving average at $23,764 (and staying above) would be a key hurdle going forward...