Bitcoin Price Rally Falters as Bulls Fight to Hold the $8.3K Support

After three days of trading in a tightening range Bitcoin price (BTC) dropped below $8,300, stopping at $8,264 which is slightly below the $8,300 support and the 200-daily moving average (DMA) at $8,200.

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Earlier in the day John Bollinger, the creator of the popular Bollinger Bands indicator, tweeted that the recent pullback should not alarm investors. Bollinger said:

As mentioned in the previous analysis, many traders still anticipate that the price will drop to $8,200 where buyers looking to purchase the dip supposedly await. Currently, the volume profile visible range (VPVR) shows a high volume node at $8,200 where the 200-DMA is located.

Based on the most recent price action, if Bitcoin price drops below $8,200 traders may look for a bounce at the 50-DMA at $8,000 and below this point, the price could retrace to $7,600 which is aligned with the lower band of the Bollinger Band indicator.

On the daily time frame, the moving average convergence divergence (MACD) has already crossed below the signal line, printing a red (negative) candle on the histogram and the relative strength index (RSI) on