Bitcoin rises back toward $49,000

Looking at the hourly chart, the price corrected off of the August 23 high down toward the 50% midpoint of the move up from the August 19 low. That level comes in at $47,248.83. The low price today reached $47,100 – just below that level before bouncing back higher. The move to the upside has now taken the price back toward its 100 hour moving average currently at $49,040.74. 

A move above the 100 hour moving average  would increase the bullish bias.