Bitcoin trades to the highest level since May 2022

<p>The price of bitcoin has extended to the highest level since May 2022. The high price has reached $38408</p><figure data-media-><img src="https://images.forexlive.com/images/Bitcoin_id_25c7d57d-ea7c-4406-90c5-c867c033a77b_original.jpg" wrapper-="wrapper-" data-src="https://images.forexlive.com/images/Bitcoin_id_25c7d57d-ea7c-4406-90c5-c867c033a77b_original.jpg" /><figcaption><div>Bitcoin moves above and away from the 38.2% retracement</div></figcaption></figure><p><br></p><p>Looking at the daily chart above, the price of the digital currency moved above the 38.2% of the move down from the 2021 high at $69000 three weeks ago at $35.924 and has spent most of the current week above that level.&nbsp; With the extension away today, that level is now a close risk level. Trading above the 38.2% of a trend move (whether on a long or short term chart) is the minimum to show the buyers are taking more control. Absent that, and the correction is just a "plain Vanilla" variety.&nbsp;</p><p>The buyers are taking more control.&nbsp;&nbsp;</p>

This article was written by Greg Michalowski at www.forexlive.com.