Bitcoin moves closer to $40K level


High price reached $39,721 on Coinbase today.

The price of Bitcoin on Coinbase continued its meteoric run to the upside.  In doing so the digital currency has moved closer to the $40K level.  The high price today has reached $39,721 – just short of the $40,000 level. 

High price reached $39,721 on Coinbase today.

The price of bitcoin moved above $20K on December 16 and above $30K for the first time on January 2.  The price dipped back below the $30,000 level on January 4 falling to an intraday low of $27,678. However since that low, the price has risen some 43% (to the high today) in the 3 days since that low.

Looking at the hourly chart, the price moved above a topside trend line currently at $38,973. That increases the bullish bias from a technical perspective with the next topside channel trendline coming in at $40,133 (and rising).

It would take a move back below the broken trend line at $38,973 to give sellers even the smallest control. A lower channel trendline currently comes in at $36,874, and it would take a move below that level to increase some of the bearishness at Lisa from an intraday, shorter-term perspective. Failure to do that and sellers are simply not taking back any control. 

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