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Bitcoin trades to a new session low.

21 May 2021

Tests the swing low near $36,100

The price of bitcoin is moving back down toward its session lows near $36,100. The high for the day was up near $42,275.  The price has just broken the $36,000 level and trades as low as $35,717.   The price is now down over 10% on the day.

Bitcoin falls below the $36,000 level to a new session low

The move lower today was prompted by a reiteration from China of restrictions on bitcoin mining.  That sent the price down to and through the 50 hour moving average currently at $39,652 (blackline in the chart above).  Earlier, the price had tested the 100 hour moving average (blue line) only to fail.  It will take a move back above the 50 hour moving average and the 100 hour moving average to tilt the bias more to the upside.

Meanwhile, Ethereum is trading back down over $400 or -14.76% at $2348.60. It’s low just reached $2336.48.  

As a reminder bitcoin never sleeps. That means it will continue to trade over the weekend. With liquidity conditions later and the price under pressure, one has to wonder the risks more downside.  The low price for the year comes in around $27,734 back on January 4.
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