Bitcoin is back below the 100 hour MA (and $8000) level

100 hour MA at $8037.89

The price of bitcoin rallied on Saturday and Sunday and in the process moved to a swing high at $8398.98 today. That was the highest level since March 26th. Last week (Thursday), the digital currency took off to the upside. The momentum did slow but did step higher into today.

However, we are seeing a rotation back down today and in the process has moved below the 100 hour MA (blue line in the chart above. That MA comes in at $8038.029.

Now the price has not run lower like it did when the price rose last week on the last break of the 100 and 200 hour MAs. However, it is something more bearish for the digital currency, if the price can stay below that MA level.