Looking at the daily chart of bitcoin , the price moved lower yesterday and tested its rising 100-day moving average. Support buyers came in against that level.
Today the price was able to move below the 100-day moving average but found support buyers near the 38.2% retracement of the move up from the March low to the April high. The inability to get below that 38.2% retracement level at $26,655 and stay below, along with the move below the 100-day moving average at $26,885, tilts the real bias back in favor of the buyers.
What would ruin the buyers control?
Back below those technical levels would tilt the bias more favor the sellers and have traders looking toward the swing lows from May 12 and May 25 instead near the $25,580 level.
Until then however, the buyers remain in control and the upside can be explored further.