Bitcoin trades in a up and down trading range but above MAs

The price of bitcoin has shot to the upside over the last hour or so of trading, and in the process has move back above its 200 and 100 hour moving averages (green and blue lines in the chart above)

The 200 hour moving average is currently at $29,686 while the 100 hour moving averages at $29,878. The current price is trading at $30,389.76.

Stay above those moving averages keeps the bias in the favor of the buyers. The next target comes against the 38.2% retracement of the move down from the May high to the May low. That level comes in at $30,997. That level was also near the high prices from May 13. A move above that area is needed to give buyers more confidence.

Stay below and were still in this up and down trading range which has confined the price between $28,730 on the downside, and $31,411 on the topside. Ultimately traders are still looking for the shove in either direction. However with the price above the hourly moving averages, the buyers have taken more control.