Bitcoin can't extend to new highs on the first test. Backs off.

Bitcoin can't extend to new highs on the first test. Backs off.

Bitcoin moved sharply higher yesterday and reached an intraday high of $73,600. That was within $200 of the all-time high reached back in March at $73,794. The price has backed off today and trades down by $738 or -1.01% at $71,991.

The move to the upside extended into what I have as a swing area between $71,958 and $73,794. In trading today, the price has moved outside of that area to the downside falling to a low of $71,313.

Taking a look at the short-term 5-minute chart, the price has trundled lower. There is support near $71,500 (see red numbered circles on the chart below).

On the topside, getting back above the 100/200 bar MA at $71988 and $72197 respectively, and the downward sloping trend line near $72,340 .

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