Tests 38.2% and end of February lowsThe price of bitcoin is getting hit hard today. The price fell below its 200 hour MA yesterday on the Coinbase exchange (green line on the chart below) and stayed below today. The last few hours has seen more of a momentum move lower as some longs exit positions. That selling has taken the price down to the 38.2% retracement at $9520 and the swing lows from the end of February (lowest low at $9324. The low just ticked to $9400 and is bouncing).
The $9324-$9520 is a key support level. Get below and the selling should intensify.
Looking at the daily chart below, the move lower has the price trading closer to the 200 day MA at $8918. If the Feb lows at $9324 is broken, that key MA becomes the next key target.