The price of bitcoin has extended to the highest level since May 2022. The high price has reached $38408
Bitcoin moves above and away from the 38.2% retracement
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. 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.
The buyers are taking more control.