Bitcoin extends to new highs
The price of bitcoin has extended to a new session hide in the process is trading at the highest level since July 14. The price I just reached $31,307. The current price is trading at $31,199 up 4% on the day.
Looking at the daily chart, the high price for 2023 reached $32,376 on July 13. Other highs below that level come in at $31,500. Those are the next key targets.
The price of the digital currency has been trading up and down since mid-March (see red numbered circles). At the lows, the price has reached down to $24,820 with the high price up at $31,818.
On October 17, the price surged above its 100 and 200-day moving averages (blue and green lines)and has not been below those moving averages since that day. Those moving averages currently come in at $27,730 and $28,065 and would have to be breached on the downside to tilt the longer-term bias back lower.
A move above $31,818 would increase the bullish bias and should see further upside momentum on the break. Technically, sellers will probably lean in this area as risk can be defined and limited against the high. However, I would expect stops on a break to new highs.