Bitcoin trades to a new session low. What next?
 

So much for a safe haven? Or store of value?

The price of bitcoin is trading below the $64,000 level again. The low price for the day reached $63,696. Over the weekend, the price moved down to a low of $61,308. That was the lowest level since March 20.

In the trading today, the high price extended up to $66,900, but could not keep the momentum going.

On the downside, the low price from March 20 comes in at $60,760. That is the next major target. Below that, and the 38.2% retracement of the last run to the upside from the January 2024 low comes in at $60314.The price has been consulting up and down but has remained above the 38.2% retracement target keeping the buyers in play and more in control technically (at least on the daily chart).

The not so good is the price of bitcoin reached a new all-time high price at $73,794 on March 14. That run took the price above the 2021 high near $69,000. The price over the weekend move back below that level and remained below the level in trading today. .

This article was written by Greg Michalowski at www.forexlive.com.

More...