The price of bitcoin traded to the lowest level since January 11 and in the process tested the low from that day at $41,284. The low price today reached $41,290.06. The current price is trading at $41,602.
A move below that level would open up the door toward another swing low area at at $40,569.62. Below that is the cycle low at $39,573.21. That level was the lowest level going back to August 2021.
Of note technically, the price highs toward the end of last week's trading stalled near trendline resistance. However, the price traded above and below its 100 hour moving average on January 15 to the start of yesterday's trade. Yesterday, the price started to trade below its 100 hour moving average and 200 hour moving average. That momentum has continued in trading today.
It would take a move back above the 100 and 200 hour moving averages and the topside trendline near those moving averages to give the buyers more comfort/control. Absent that and the sellers are more in control.
