The price of Bitcoin fell earlier this week and in the process fell below the 100-day moving average (the blue line in the chart below is currently near $60,000), and towards the mid-50% of the 2024 trading range. At $56,150. This week's low hit $56,500 (close enough).
The subsequent move higher has seen the price return above the 100-day moving average today on the back of risk flows. This MA will now serve as a close support for the digital currency. Staying above keeps buyers in control, and the price can continue to rise. If so, the downward sloping trend line will be the next major target to reach and cross. This level is currently near $63,750.
So buyers are in control above the 100-day EMA near $60,000.
Bitcoin is bouncing near the 50% range for 2024 and above 100 days
