The price of bitcoin has been trading in an up and down range near the 5 1/2 month highs (going back to mid-August).
The range since January 20 has seen the digital currency trade between $22,334 and $23,954. In between those extremes (see Red box in the chart above) sits the 100 and 200 hour moving averages (blue and green lines) which are now moving sideways.
The 100 hour moving average (blue line) is at $23,180.14. The 200 day moving average (green line) is at $23,058.37.
The current price is trading below those levels at $23,005. Stay below the moving averages tilts the short-term bias more to the downside. Move back above and the bias shifts to the upside.
Looking at the daily chart below, the move to the upside got a kickstart after breaking above both its 100 and 200 day moving averages in January on successive trading days (see blue and green lines in the chart below). Getting and staying above the 200 day moving average was the first close above them moving average since December 28, 2021.
The price is consolidating near swing highs from mid September at $22,781. Should the price will back below that level and stay below that level that would be a further tilt to the downside. On the top side, the August high price comes in at $25,215. The May 2022 low prices at $25,401. That area would be the next key upside target on further momentum.
