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Bitcoin Moves Down Towards 100-Day Moving Average On Chinese Bitcoin Commentary

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The price fell back below the 100-day moving average at 40,890.13, but saw modest buying.

China reiterated its objections to crypto saying that “all crypto related transactions are illegal in China.” It remains a strong statement.

This scared the market and the price started to turn down. The lowest price for the day reached $ 40,693.27. This took the price briefly below its 100-day moving average at $ 40,890.13. The price has since returned above this level.

Earlier this week, the price fell below that moving average, falling to a low of $ 39,573, but momentum could not be sustained. On Wednesday and Thursday, we saw increased buying interest, but the price was unable to reach its 200-day moving average at $ 45,692.56.

And now ?

It would take a return above the $ 42,900 area to hit the $ 43,400 level now to give buyers additional confidence (some swing levels). Don’t do it and the sellers have the advantage.

A move below the 100-hour moving average at $ 40,890 – and stay below – increases the bearish bias and prompts traders to probe lower.

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