The price of bitcoin is breaking to the upside as Risk on flows seem to be kicking in. The Dow is up close to 300 points now. The S&P is up 23 points or 0.57% and the Nasdaq is up 68 points or 0.62%. .
The price of bitcoin is trading at its highest level since November 8, and in the process today, is back above its 100 day moving average at $17,895.37.
The last time the price traded over its 100 day moving averages back on November 8. The price closed above the 100 day moving average for three days around that date.
There have only been four closes above its 100 day moving average going back to April 2022. Breaking above the 100 day moving average and staying above will be a bullish bias shift for bitcoin .
On more upside momentum, the 200 day moving average is up ahead at $19,516.91. The price is not traded above its 200 day moving average since the end of December 2021
Buyers making a play in Bitcoin. Can they stay above the 100 day MA now and push above the 200 day MA down the road.