Bitcoin moves back above falling 100/200 hour MAs.Can the price stay above the MA levels?

The price of bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term reach the lowest level since March 15 earlier today. The low came in at $38,547.12.

The price started to rebound in the US session and spiked higher over the last few hours of trading. The move to the upside took the price back above its 100 hour moving average currently at $40,104.98 and also its 200 hour moving average currently at $40,497.89. The high price reached $41,004.10.

The move back above the moving averages tilted the short term technical bias more to the upside. The price had not been above its 200 hour moving average since April 5. That move above on April 5th failed, and the price has trended more to the downside since then. The 200 hour moving average back on April 5 was up near $46,700.

With the 200 hour moving average much lower now at $40,497, the hurdle for buyers is much easier of course.

The question now is can the price stay above the broken moving averages?

Already the price has dipped back below the 200 hour moving average. The current price trades at $40,426 which is just below the 200 hour moving average at $40,497. However it remains above its lower 100 hour moving average of $40,104.

If the price can stay above that moving average, and rotate back above the 200 hour moving average with more momentum, we could see a rotation back toward the swing high from April 13 at $41,557. Above that is the 38.2% retracement of the move down from the March 28 high which cuts across at $42,247.51.

Move below the 100 hour moving average, and the rebound to the topside is a modest correction in what has been a more bearish trend since the peak back at the end of March