Price is moving away from its moving average levels on the hourly chart
The price of bitcoin is up $2300 as I type at $35,970. The high just reached $35,980.
Looking at the hourly chart, the digital currency has seen fairly volatile up and down price action since peaking on January 8 at $41,986.37. The low price was on January 22 at $28,732
The midpoint of the move comes in at $35,359.19. Today the price moved above that level (over the last couple hours). That tilts the bias a little more to the upside. Also helping the bullish sentiment is the price based yesterday ahead of its 200 hour moving average (green line in the chart above currently at $33,251.77). Today, the price was able to extend back above its 100 hour moving average (blue line in the chart above currently at $33,992.38).
With the price above the moving averages and now above the 50% retracement level, the buyers are making a play. However, the up and down price action may keep traders bullish but cautiously bullish. A move back below the 50% retracement and below the moving averages would tilt the bias a little more to the downside.
On the topside, the 61.8% retracement of the range since January 9 comes in at $36,923.20. THe January 29 high comes in at $38,664.33. Both of those would be targets on further momentum to the upside.