While Bitcoin may look like it will continue to crash and burn, its chart suggests it could be trying to find at least a temporary price floor.
Technical analysts say it’s way too soon to say whether the price of the cryptocurrency is bottoming, after its stunning collapse, but they are watching the 100-day moving average on the Bitcoin chart.
Bitcoin prices, and therefore charts, vary, but the technicians put the 100-day moving average right around $10,000. Bitcoin fell through that level on Wednesday. Other data puts the 100-day closer to $9,000. According to CNBC.com’s chart, Bitcoin hit a low Wednesday of $9,230, less than half its all-time high reached in December. It was just above $10,000 in afternoon trading, down about 13.5 percent.