The price of Bitcoin broke above its 100 day MA earlier today at $42,241.48. A close above that key MA and risk defining barometer would be the first since December 2nd, 2021 when the MA was near $54,750. Since then the price moved down to a low of $32,950.72 on January 24.
The digital currency has been trading between $45,850 and $34,324 since rebounding off that January 24 low. That has allowed for the 100 day moving average to catch up to the price.
Today's move above is an easier hurdle (the moving averages lower), but nevertheless a positive/bullish technical hurdle as well. Stay above would be more bullish with targets at:
- 44,456 (high from mid-January),
- $45,850 (the high from February 10),
- $46,721 (the 38.2% retracement), and
- the 200 day moving average at $48,416
Move back below the 100 day moving average, and there should be downside disappointment on the failed break once again.
