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Bitcoin could be on track for a move to test 44k this morning

29 Jul, 2021

Yesterday Bitcoin did eventually make a break above its 100 day moving average and that allowed from some price extension above 40,400. The lead cryptocurrency rose to as high as 40,907 yesterday afternoon, but it could not hold all that gain and later fell back below 40k again, dropping to as low as 38,875. However, it has reloaded and rebounded again today and a short while ago revisited the price point of that 100 day moving average once again. That is still falling and in place right now at 40,231. As to how much more resistance this might offer today is unclear and besides the upside looks like the way of things so far today. On the assumption that Bitcoin has some more of that in the tank, then the next, and more significant level is surely the price point of the 200 day moving average. That is in place today at 44,615 and looks to be a target area now. Of course some fresh negative news might unfold to derail the further upswing this morning, but if it does not then right now the force looks strong with this one again today. Bitcoin is just now trading at 40,160
 

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