Trades up around 6.4% on the day at the highs
The price of bitcoin is currently trading up around $2400 or 6.4% on the day. The price is trading at $39,700. The high price reached $39,800.
Looking at the hourly chart above, the price has moved above the 100 and 200 hour moving averages currently at $35,663 and $37,266 respectively (blue and green lines in the chart above). Stay above those moving averages keeps the buyers in control.
The next targets come in near the highs from January 9 and 10th near $41,400.
The all-time high on Coinbase reached $41,986.37 on January 8. From the high on January 8, the price corrected over 27% to $30,100. That low was just above the 50% retracement of the move up from the December 11 swing low at $29,811.24. The holding of the 50% gave the buyers the courage to stick the toe in the water and push the price higher. The move back above the moving averages over the last 24 hours, is another bullish play from traders.