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Bitcoin Jabs at Key Support Level After Slump From Record

Bitcoin tests key supports at Fibonacci retracement and 55-week average

Bitcoin is testing key technical support levels after a more than 30% plunge from a record high hit just over a month ago. One is the 55-week moving average -- which in the past has sometimes provided a floor for selloffs -- while another is a level of about $44,100 implied by a Fibonacci study of the rally from the March 2020 trough to the November 2021 peak. The world’s largest cryptocurrency has already broken below a trendline drawn from the beginnings of its surge during the pandemic.

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