Bitcoin follows the flows and today that flow is "risk-off" and selling.

<p>The swings in bitcoin continue. The price is currently down nearly $3,000, trading near $81,000 after reaching a low of $80,836. Today’s high reached $84,294, below yesterday’s high at $84,774.</p><p>Both highs stalled ahead of the next key upside swing level at $85,578. Buyers had their shot to extend the recovery, but they could not reach that hurdle. Today, sellers have taken back control.</p><p>Bitcoin follows the risk-off flows</p><p></p><p>The move lower has been helped by risk-off sentiment across the equity markets:</p><ul><li><p>Nasdaq Composite: Down 2.56%.</p></li><li><p>Nasdaq 100: Down 2.82%.</p></li></ul><p>Bitcoin is following the equity market’s lead—at least today. When investors are reducing risk, bitcoin can get caught in the same selling flow. That is what the price action is showing in this session.</p><p>The lower swing area is back in play</p><p>Technically, today’s decline has taken the price into a lower swing area between $80,100 and $81,183. That area has helped define the bottom of bitcoin’s consolidation range since September 18. Monday’s low at $80,595 also stalled within that zone.</p><p>That gives traders a clear area to watch. Buyers need to defend support and push the price back above $81,183 to begin easing the immediate downside pressure. Holding support would give them a foothold, but they would still need to build on it.</p><p>For sellers, the next step is a sustained break below the lower boundary. Call $80,000 the line in the sand. Get below and stay below, and the door opens for more downside momentum.</p><p>What comes next on a break?</p><p>Below the consolidation range, the 38.2% retracement of the move higher from the July low comes in at $76,052. That becomes the next major technical target if sellers can establish control below $80,000.</p><p>The distinction is important: testing support is one thing. Breaking below it and staying below it is another. Sellers need that next shove to turn another swing within the range into a break out of the range.</p><p>In the video above, I take a look at bitcoin’s latest swings, the support being tested, and what buyers and sellers need to do next.</p> This article was written by Greg Michalowski at investinglive.com.