Bitcoin trades above and below a topside trend line but remains above $50,000 level

Price remains above $50,000 after break today.

The price of bitcoin on Coinbase moved above the $50,000 level yesterday for the 1st time ever, but backed off. The low price toward the end of the day yesterday dipped below the 100 hour moving average (blue line) but only briefly. That moving average proved to be a base for the next run to the upside.

Price remains above $50,000 after break today.

Today the high price has reached a all-time high of $51,717.88. That move also took the price above a topside trend line near $51,019 currently.  The prices been trading above and below that trend line in the early North American session. However the low corrective price intraday after reaching the peak has stalled at $50,550 above the natural support at the $50,000 level.  

So buyers remain firmly in control from that perspective.  A move below the $50,000 level could see a retest of the lower trend line and the 100 hour moving average currently between $48,570 and $48,840. Ultimately, however, the 200 hour moving average (green line in the chart above) would also need to be broken. The price has not traded below its 200 hour moving average since briefly on January 31 and February 1.

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