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.
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.