Bitcoin 's price reached a new session high today at $28,818, inching closer to yesterday's peak of $28,936. The digital currency is now trading at its highest level since June 11, 2022. Additionally, the price has been oscillating around the 38.2% retracement level, calculated from the March 2022 high ($48,234) to the November low ($15,479), which stands at $27,991.41.
For traders, this retracement level serves as a crucial short-term risk gauge. A sustained price above this level signals a more bullish outlook. Although the price has fluctuated above and below this level over the past five trading days amid consolidation, yesterday's corrective low managed to remain above the March 14 spike swing high of $26,533, reinforcing a bullish bias. Yesterday's low reached $26,688.
The $26,533 level now represents a more conservative risk-defining threshold for buyers seeking further upside momentum. On the other hand, surpassing yesterday's high of $28,936 would shift traders' focus towards the psychologically significant $30,000 level. Bitcoin has not traded above $30,000 since June 10, 2022.
FOMO bitcoin traders unite.