The price of bitcoin is moving higher in the trades at $42,261.08 up $1229 or 3.0%. That rise has taken the price just above its 100 day moving average of $42,238.50. The high price reached $42,500.
Looking at the daily chart below, back on March 2, the price briefly moved above its 100 day moving average only to fail and close back below the level on that day. The price has not closed above its 100 day moving average since December 2, 2021 when the moving averages near $54,467.
With the price trading above its 100 day moving average, the buyers are making a play from a technical perspective. However traders will not want to see another failure like they saw earlier this month.
Instead they will be looking for momentum with the next target coming at recent swing highs at $44,456 and $45,850. The 38% retracement of the move down from the November 2022 all-time high comes in at $47,375.
Ultimately if the prices going to show more of a bullish bias and more control in the favor of the buyers, getting above the 100 day moving average, the 38.2% retracement and the 200 day moving average up at $48,415 would all be required.