Bitcoin has rebounded sharply higher from the Monday low, but has run into MA resistance. ...Middle East

However, the recovery faces a significant hurdle at the 200-hour moving average (MA). The price reached an intraday high of $103,745, just shy of the 200-hour MA at $103,793. For bullish momentum to build, Bitcoin needs to break and sustain a position above this critical level.

If the price fails to clear the 200-hour MA and retreats below the 38.2% Fibonacci retracement level of the January 13 rally at $101,615, the bias may shift downward. A break below this threshold could invite further bearish momentum.

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

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