Bitcoin surges to the upside. What are the technicals telling us now?

The price of bitcoin surged higher on positive results from a lawsuit between Grayscale and the SEC. The ruling may open the door for ETF’s on bitcoin. We will see.

The run to the upside to the price above its 200-day moving average at $27,472, but short of its 38.2% retracement of the move down from the 2023 high at $27,821. The price run higher has stalled.

What next?

There is support near the $27,000 level. That level represents the 38.2% retracement of the spike higher. Correct to that level, should funds for buyers if the buyers are anxious to “buy a dip” and keep the buyers in firm control.

This article was written by Greg Michalowski at Source