Bitcoin continues to waffle up and down,, but the bias is to the upside

The price of Bitcoin continues to trade within a defined range, mostly bounded between $62,696 and $71,775. There have been a couple of brief extremes outside that range, including a dip to $59,930 in early February that lasted only a few hours, and a short-lived spike to $73,739 that held for roughly 15 hours. Overall, however, the core trading range remains relatively tight. Markets that trend sideways within a confined range will eventually break, and traders are watching closely for the next directional move. From a technical perspective, the bias currently leans more bullish after Bitcoin moved above both the 100-hour and 200-hour moving averages on Monday. Those levels now serve as key support: 100-hour moving average: $68,697 200-hour moving average: $69,397 As long as the price remains above these moving averages, buyers retain the near-term advantage. On the topside, a break above the range ceiling at $71,775 would likely trigger additional upside momentum. The next key target comes in near the March 4 high at $74,075, which sits just below the 38.2% retracement of the move down from the January 16 high at $74,402. If that level is cleared, traders would start looking toward the 50% retracement near $78,872 as the next upside objective. For traders leaning bullish, the near-term risk level remains a move back below the 100-hour moving average near $68,700, which would weaken the current upside bias. This article was written by Greg Michalowski at investinglive.com.