Bitcoin finally took a break above its 100-day moving average yesterday and this allowed for some price extension above 40,400. The major cryptocurrency climbed to 40,907 yesterday afternoon, but couldn't hold all that gain and then dropped back below 40k, dropping to 38,875. However, it reloaded and rebounded again today and recently revisited the price point of the 100-day moving average once again. This is still down and is right now at 40.231. It is unclear how much more resistance it can offer today and furthermore the upside appears to be the way things have been going so far. Assuming Bitcoin still has some of this in the tank, the next and most significant level is definitely the 200-day moving average price point. This is in position today at 44,615 and appears to be a target area now. Of course, some new negative news could turn out to derail the further upside this morning, but if that doesn't happen then right now the strength looks strong with that even today. Bitcoin is now trading at 39990.
Chart from tradingview.com
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