The price of bitcoin moved to a new session low of $19,623. That took the price to the high of a swing area between $19,526 and $19,634 (see red numbered circles on the hourly chart below). The price has seen a bounce off that level and currently trades at $19,952.
The digital currency traded as high as $22,781 just yesterday before CPI data and risk off flows sent the price sharply lower.
The price fell back below its 100 hour moving average and 200 hour moving average in the process. The 200 hour moving average is currently at $20,651.50. Moving back above that level will be needed to tilt the bias back to the upside.
For now, the price did hold the key floor area. Getting back above the $20,000 level and then the broken 61.8% retracement of the move up from the September low at $20,160 are the 1st hurdles if the buyers are to take back more control.
After that getting above the 200 hour moving average and the 50% midpoint of the same trading range near $20,651.29 is needed.to give buyers even more control. Absent that, and I would give the technical tilt to the sellers still.
