At the time of writing, the largest crypto by market cap sits at $13,333 AUD after falling through a strong support level at the beginning of the week.

Ever since it’s failed push above $14,000, bitcoin has looked for lower prices and now finds itself ranging between $13,200 and $13,500 AUD. It cut through three key moving averages on the 4hr and fell as low as $13,100, a drop of nearly 8%. On higher time frames too, bitcoin looks fragile. On the daily, the 100 EMA is proving strong support for bitcoin but price is finding the 50 EMA as powerful resistance overhead and as the ceiling of the range.

If bitcoin can’t reclaim the 50 EMA on the daily then bears will look to press their advantage and take it below $13,000. Traders will be eyeing key Fibonacci levels if price begins to break downward. A pullback to the 200 EMA at $12,600 is a possibility in the near term.

It’s not all over for the bulls in the short-term, though. What could be a contrarian indicator, market sentiment is largely bearish and expecting a lower entry, and if buyers continue to come to the party at $13,000, then we could see $13,500 and above, rather quickly, but the 50 EMA must be reclaimed.

In what was a pretty flat week in the broader market, a handful of cryptos were up over 7-days. Bancor token was up by 12%, bitcoin gold 10%, and bat token up 6%.

Read our full market update here.