Bitcoin looks toward 200 day MA after turning positive for the year

Bitcoin looks toward its 200 day moving average The price of bitcoin is extending higher today after a sharp run-up over the weekend. The price is currently trading at $47,500. That takes the price back above its 38.2% retracement of the move down from the all-time high reached in November 2021. That retracement level comes in at $46,721.54. The 38.2% retracement is now close risk for longs/buyers. The next major upside target comes against its 200 day moving average of $48,297. The price has not traded above its 200 day moving average since January 1. The high price today has reached $47,700 so far Of note as well today is that the price has moved above the close from last year at $46,214. Traders will also be eyeing that level as potential support if there is a run back to the downside.Last week, the price moved above and close above its 100 day moving average for the first time since December 2. That is led to a trend like moved to the upside with swing highs from February and March taken out in the process.