Backed By Volume, Bitcoin's Eyes $4.4K Price Target

The price of bitcoin is back above $4,000, and is eyeing a move upwards.

At press time, bitcoin is up more than $100 on the day, having climbed to $4,128, up from $4,007 at the start of the day's trading.

Traders could have a pathway for moving the price to a key Fibonacci extension at $4,441, which would further bolster the move above $4,000 on Dec. 20.

In drawing attention to the 4-hour chart we see how the Chaikin Money Flow and Chaikin Oscillator turned bullish yesterday at 22:00 UTC, signaling a possible confirmation of bitcoin's recent move back above $4,000.

Price action briefly halted along the primary Fibonacci extension point at around $4,159 before continuing a slow incline according to CoinBase data and has been presented with an opportunity to continue its momentum to $4,440, post-consolidation.

Volume for the period has also shot up substantially, with the move being backed by the largest injection since Dec. 20.

Evidence of the move can also be found on the weekly chart, where the price of bitcoin has risen above the Nov. 26 closing price at $4,103, emboldening the bulls to push higher on the week as the new session begins today.

Bitcoin has pushed above an ascending triangle breakout to the primary Fibonacci extension line, with accompanying volume.

The 4-hour chart has turned bullish on the CMF and OC and needs to clock higher highs in order to see a continuation in bullish price action.

Archery target via Shutterstock; charts by Trading View.