Price looks toward the 50% midpoint of the June trading range
The price of bitcoin moved sharply to the downside today. However, as the price started to approach the 100 hour moving average (blue line in the chart below), buyers started to lean near the level, and ultimately were able to push the price back higher (the 100 hour moving average currently comes in at $34,277.52 and moving higher).
The digital currency is now approaching its 50% midpoint of the June high to low trading range. That level currently comes in at $34970.79. The current price is trading at $34772.25.
Holding the 100 hour moving average kept the buyers in play. Now, they need to get the price back above the 50% retracement level to increase the bullish short-term technical tilt.
Conversely if the 50% holds (or momentum cannot be established above the level), a retest of the 100 hour MA is likely in play. Move back below that level (and then the lower 200 hour MA – green line), and the door opens more for the bears (PS. the price stalled against its 200 hour moving average on July 27 and bounced. That increases the levels importance from a technical perspective).