Bitcoin Sellers Reassert Control as Buyers Fail to Break Key Resistance
Bitcoin sellers have taken back control and pushed the price lower after buyers failed to break through key resistance levels. The current price is trading at $77,012, down 1.64% from yesterday's close.
The move lower comes after buyers ran out of steam near the $82,281 level last Friday, which was within the swing area between $80,560 and $82,833. This resistance zone also coincided with a 38.2% retracement of the move down from the all-time high reached in October.
Instead of breaking through this resistance, sellers leaned against it and pushed the price back to the downside. The subsequent move below the 100-bar moving average on the four-hour chart at $78,850 gave the sellers more control in the short term.
The next key target for sellers is the lower swing area between $74,262 and $76,977, while buyers need to hold this level and reclaim the 100-bar moving average to start taking back control. Ultimately, getting above $82,833 and the 38.2% retracement at $83,916 would be required to give the buyers firmer control.