Bitcoin's price has seen a significant increase in 2023, with a year-to-date high of 31,064.18, which is just above 100% gain from its low. However, it is still below its annual pivot at 29,700.00 and above its 200-day simple moving average at 23,479.31. The weekly chart for Bitcoin is negative, with the cryptocurrency trading below its five-week modified moving average and its 200-week simple moving average or 'reversion to the mean.' The trading strategy recommended is to buy Bitcoin on weakness to its 200-day simple moving average and reduce holdings on strength to the annual pivot.