Bitcoin Price Slides to $8.5K as 200MA Resistance Keeps Bulls in Check

Bitcoin (BTC) dipped below $8,500 on Jan. 23 as traders’ expectations of a slow downtrend from recent highs appeared to slowly come true.

Cryptocurrency market daily overview. Source: Coin360

BTC returns to $8,400s

Data from Coin360 and Cointelegraph Markets showed BTC/USD reach lows of $8,480 overnight on Wednesday. At press time, Bitcoin hovered at around $8,505.

The former level matches two other brief lows seen this week, and represents the bottom of a range the pair has traded in since Jan. 14. 

Bitcoin 7-day price chart. Source: Coin360

Over that period, traders saw highs of more than $9,150, while warning there was little chance of Bitcoin climbing higher still.

The reason, according to Cointelegraph contributor filbfilb among others, was resistance sparked by the Bitcoin price’s 200-day moving average.

At present, he said on Wednesday, he would favor less volatile price action in the short term, this nonetheless being to the upside, allowing BTC/USD to regain a higher…