CRYPTOCURRENCY

Bitcoin switches to a new high session.


Trades up around 6.4% on the day to highs

The price of bitcoin is currently trading around $ 2,400 or 6.4% on the day. The price is trading at $ 39,700. The high price hit $ 39,800.

Trading around 6.4% daily at highs_

Looking at the hourly chart above, the price has broken through the 100 and 200 hour moving averages currently at $ 35,663 and $ 37,266 respectively (blue and green lines in the chart above). Staying above these moving averages allows buyers to stay in control.

The next goals are near the January 9 and 10 highs near $ 41,400.

Coinbase’s all-time high hit $ 41,986.37 on January 8. Since the January 8 high, the price has corrected more than 27% to $ 30,100. This low was just above the 50% retracement of the move higher from the Dec. 11 low at $ 29,811.24. Holding the 50% gave buyers the courage to step in and raise the price. Another bullish game for traders is the return above the moving averages in the last 24 hours.

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