- Bitcoin price struggled to hold ground and continued to move lower, as a new low below 200.00 was also created.
- The price has several hurdles on the upside and if it corrects higher it won’t be easy for buyers to break 100 SMA.
Bitcoin price struggled a lot and there are many signs that more losses cannot be discarded in the near term.
Why 200.00 is Important?
We highlighted this past week that the price has scope of more losses in the near term with a break of 200.00. There was a solid downside reaction noted in the Bitcoin price this past week, as the price continued to head lower. There was a lot of bearish pressure and as a result the price breached the previous low and settled below it. The new low formed was below the 200.0.
The price stayed below the 100 hourly simple moving average, which is a bearish sign as suggests that sellers remain in control. We also highlighted this past week that there is a bearish trend line on the hourly chart, which is continued to act as a resistance