Bitcoin on the hourly chart
Buyers have entered into Bitcoin over the last two hours and in the process has taken the price back above the $40,000 level for the first time since January 21. Looking at the hourly chart, since the December 27 high of $52,098.60, the price has trended to the downside reaching a low on January 24 at $32,950.72.
The move to the upside today has been able to get back above the 38.2% retracement of that move down at $40,265.21 and looks toward a swing area near $40,569.62. The high prices reached $40,450.94 so far.
A continued move above that level would have traders targeting the 50% midpoint currently at $42,524.
