The price of Bitcoin has seen a rebound back above the $40,000 level over the last few hours.
The high price reached $41,417.03. The move higher today took the price briefly above it falling 100 hour moving average at $41,210. The current price is trading at $41,163. On Sunday, the price also extended above the 100 hour moving average but could not sustain momentum. The failure started the run to the downside that did not bottom until reaching the low on Monday at $39218.15.
That low was retested yesterday but could not break below the level. Today after moving marginally higher, the price got a boost with the "risk on" sentiment, and started to move more quickly to the upside.
Nevertheless, the stall near the 100 hour moving average could be a concern if the price is not able to extend back above and stay above. Be aware.
On a break, the falling 200 hour moving average currently at $42542.29, and the 38.2% retracement of the move down from the March 29 high at $42,662.20 would be other upside targets that would need to be broken if the buyers are to take more control. The price has not traded above its 200 hour moving average since April 5.
