Bitcoin bases against hourly MAs today

The price of bitcoin has seen a run to the upside in trading today. The low price was at $20,757.29. That low was near rising 100 and 200 now moving averages. Basing near that levels was a bullish development technical and helped to pave the way for the upside run.

The high price extended to $22,503. On the move to the session high, price extended above the July 8 high of the $22,401, but could not sustain upside momentum. The price has rotated modestly back to the downside and currently trades at $22,198.73.

Going forward a move back above the $22,400 area would have traders looking toward the high from June 16 at $22,957. Above that is the 38.2% retracement of the move down from the May 31 high. That level comes in at $23,185.58.

Holding below the $22,400 level could also see some parlor downside probing. The high price from yesterday reached $21,664. The level will be eyed as a barometer for buyers and sellers in the short term. Stay above would be more bullish. Move below would be more bearish in the short term.