The price of bitcoin has broken lower and trades at its lowest level since May 12.
Bitcoin falls below support
Looking at the hourly chart above, the floor level came $28,600. Once the price broke below that level and then the lower 50% midpoint of the move up from the May 12 low at $28,406, buyers turned to sellers. The price low has now reached 28,003, and trades at $28,208 as I type.
Traders will now use the $28,406 to $28,600 as topside resistance. The 61.8% retracement of the range since May 12 at $27,697 is the next downside target.