Bitcoin looks toward 200 day MA after turning positive for the year

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 is extending higher today after a sharp run-up over the weekend.

The price is currently trading at $47,500. That takes the price back above its 38.2% retracement of the move down from the all-time high reached in November 2021. That retracement level comes in at $46,721.54. The 38.2% retracement is now close risk for longs/buyers.

The next major upside target comes against its 200 day moving average of $48,297. The price has not traded above its 200 day moving average since January 1. The high price today has reached $47,700 so far

Of note as well today is that the price has moved above the close from last year at $46,214. Traders will also be eyeing that level as potential support if there is a run back to the downside.

Last week, the price moved above and close above its 100 day moving average for the first time since December 2. That is led to a trend like moved to the upside with swing highs from February and March taken out in the process.