Bitcoin falls to 50% of 2024 range this week and bounces. Price back above 100 day MA

The price of bitcoin moved lower earlier this week and in the process fell below the 100 day MA in the process (blue line in the chart below currently near $60000), and toward the 50% midpoint of the 2024 trading range. That level comes in at $56,150. The low this week reached $56,500 (close enough).

The subsequent move back higher has seen the price moved back above the 100 day MA today on the back of risk-on flows. That MA will now be close support for the digital currency. Stay above keeps the buyers in control, and the price can continue to probe higher. If so, the downward sloping trend line would be the next key target to get to and through. That level comes in near $63750 currently.

So buyers in control above the 100 day MA near $60,000.

This article was written by Greg Michalowski at www.forexlive.com.