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Bitcoin edges higher following a sharp reversal below 35k

On Monday I noted here; that most recently it appears that wholesale players have been absent in weekend trading on Bitcoin and for that reason the largest coin was often not making any dynamic moves. Well, what appeared to happen yesterday afternoon, as the dollar got hammered; was that wholesale focus exited some BTC longs, as they jumped back into the FX space. There are reports of profit-taking based on what has been a very dynamic run lately and that looks like it holds water. Yesterday morning, I noted here, that the steeply rising 21 day moving average was getting closer to the prevailing price action and was in situ at 35,344. Well, that got taken out yesterday evening, as the price crumbled to 34,924. Earlier in the day BTC had traded as high as 36,752. It seems likely that stops were tripped below the 21 day moving average and the extent of the fall has now flattened that moving average out. In fact, as of right now it is actually lower (35,338). That said, BTC is above that now, having rebounded to 35,681 so far today. The earlier session low was set at 35,376. It is currently trading at 35,605
 

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