Approaches 50% of move up from Jan 22 low
The price of Bitcoin is under pressure again today. The digital currency is down around $2300 or -4.49% at $49,250. The low today reached around $47500. The low got close to the 50% retracement of the move up from the January 22 low at $46847. That level is the next key target on the downside for the digital currency.
On Wednesday and Thursday this week, the price successfullly tested the 100 hour MA (blue line) and found willing sellers. The 100 hour MA is up at $54140 currently and has been below that MA since breaking below on April 16th.
Bitcoin is being pressured by tax fears and potential regulation. The price high at $64895 to the low today represents a move of over $17,000 or -26%. That is part and parcel with trading for trading Bitcoin but highlights the risk associated with holding the digital currency as a store of value.
Others who are long from the lows would argue the value of bitcoin has done very well for them.