Bitcoin slips back after brief breakout above the 200-hour moving average

After topping out at $84,254 earlier in the session, bitcoin has fallen to around $82,389, close to its low of the day.

The peak pushed the price beyond the 200-hour moving average, which sits at $83,877. That cleared the way for buyers to try to build upward momentum. The attempt did not hold, however; buying gave way to selling and the price swung back down.

Since then, the drop has carried bitcoin under its 100-hour moving average at $82,786, handing sellers another win on the short-term charts.

Will sellers manage to maintain that pressure?

A 24-day stretch of range trading

Taking a wider view, the cryptocurrency has been confined between $80,106 and $87,374 for the past 24 days, a stretch that began September 18. Price has moved up and down frequently, yet it has not managed a lasting exit from that band.

Another push toward the top of the range came last Tuesday, but buying stalled short of the objective. The reversal that followed left the price underneath both the 100-hour and 200-hour moving averages.

Except for temporary moves above the 200-hour moving average on Sunday and once more today, the price has stayed below that level, leaving the technical outlook tilted lower.

What sellers have to do now

To the downside, the current position sits inside a swing zone stretching from $81,183 to $82,653. A break by sellers beneath the lower edge at $81,183 would bring the September 20 low of $80,106 into play, a level revisited last week.

Should the price drop under $80,106 and hold there, sellers would at last have an escape from the wider range, which could clear the way for additional downside pressure.

Before that happens, that support remains intact. Sellers still have work ahead of them.

What buyers need to recapture

On the buy side, recapturing the 100-hour moving average at $82,786 is the initial requirement. The next obstacle is the 200-hour moving average at $83,877. A sustained move above that level would hand buyers a fresh chance to regain control.

Today's attempt by buyers came and went without success. Sellers remain in the stronger position under the hourly moving averages, yet support still has to be broken before that edge can translate into a larger decline.