Over the last week or so, Bitcoin had encountered a few dips but buyers prevailed at each time. In trading yesterday, it was no different as the drop threatened a break of a key near-term support before buyers stepped in to salvage that again. Here's a look at the hourly chart and you can see how timely the dip-buying was:
The drop back below $70,000 was a sudden one and looked a bit dangerous when it took place. That considering that the low went all the way to $68,600. But ultimately, buyers held on and even stuck a landing above the 100-hour moving average (red line) to retain a more bullish near-term bias.
And since then, Bitcoin has been slowly nudging higher since Asia and now reaching $73,000 again.
I would argue that the key hourly moving averages are the best gauge of near-term technical momentum in Bitcoin. And for now, it is still siding with buyers as they look to consolidate a firm break above $70,000.
