Bitcoin extends to a new all time high, but backs off

Bitcoin extends to a new all time high, but backs off

New high reached at $48,373

The the price of bitcoin has extended to a new all time high at $48,373. That 
took out the high from Tuesday at $48,204.  

New high reached at $48,373_

Looking at the hourly chart, the price did correct off of that Tuesday high and sniffed near its 100 hour moving average (blue line), but still bottomed a bit a ways from that bullish above/bearish below barometer. The pair also bottom near the 38.2% retracement of the move up from the February 7 low at $43,939.86.

Now not is all so bullish as the new high has found some sellers and the price currently trades lower at $47,600. That is still up around $2580 on the day, but getting back above the $48,000 level will make traders a little bit more comfortable that they didn’t just by the high.

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