Bitcoin Price Crosses Key Long-Term Hurdle For First Time in 9 Months

View: Bitcoin has passed through the 100-day moving average for the first time in 272 days.

The primary lower-high trend is yet to be challenged, but the move indicates a willingness by the bulls to test the upper range of the ascending triangle.

Price action has stalled Tuesday, as indecision brings the possibility of a pullback.

Bitcoin has shot through established resistance for a second time this month, passing a key long-term moving average before finally hitting a point of exhaustion on the new daily open.

Price action crossed over the 100-day moving average at around $3,850 late Monday night, backed by a larger-than-average increase in total growing volume, a welcome sign for the bulls.

The last time bitcoin was above the 100-day MA was back in May 22, 2018, around nine months ago.

At press time, BTC is trading at $3,860, according to CoinDesk's Bitcoin Price Index.

The upward move on Monday and early Tuesday marked a good attempt at transitioning from the 13-month long bear market.

Bullish momentum has wavered since crossing the 100-day MA and price action has all but stalled as indecision took over post breakout.

It's worth watching the total growing volume on the 4-hour chart, as that is at its highest levels since Feb. 8 and could set scope for a move toward the $5,000 psychological level, that's provided it can continue at the levels needed to sustain any further moves higher.