Bitcoin is trading north of $ 50,000 after recent gains

 Bitcoin is trading north of $ 50,000 after recent gains

Bitcoin prices have risen over the past few days, approaching $ 55,000, and then recovered slightly, managing to maintain much of their recent gains.

The digital currency surged to $ 54,813.03 this morning, according to CoinDesk.

So far, the cryptocurrency is up 11% from an intraday low of $ 49,390 hit yesterday, according to additional data from CoinDesk.

Rising to a few hundred dollars from $ 55,000, the digital asset has dropped slightly, but is trading at around $ 54,000 at the time of this writing.

[Editor's note: Investing in cryptocurrencies or tokens is highly speculative and the market is largely unregulated. Anyone who ponders this should be prepared to lose all of their investment.]

Major investors

Explaining the recent rise in bitcoin prices, analysts have repeatedly highlighted the ongoing influx of well-known investors such as financial institutions and large companies.

We still see bigger players making their way into space in 2021,said Joel Krueger, cryptocurrency strategist at LMAX Digital.

Mark Bernegger, board member of the Crypto Finance Group, expressed a similar view.

Specifically, he argued that one of the main reasons Bitcoin was able to reach a $ 1 trillion market capitalization again was the growing demand from large first-time investors in digital assets.

In addition to the involvement of larger institutional investors, there are more and more notable purchases from large corporations that include bitcoin in their treasuries,he added.

The fact that the bitcoin price is recovering after every drop in recent days indicates sustained buying pressures in the market and sustained support,Bernegger said.

I would not be surprised if I see a new all-time high soon,he concluded.

Key technical levels

As for where bitcoin prices might go, several market observers have offered their perspectives, highlighting important support and resistance levels.

Bitcoin has pulled out of its recent trading range of $ 47,000 to $ 52,000 in an upward direction,said John Pearlstone, publisher of the CryptoPatterns newsletter.

The next key resistance levels are close to all-time highs of $ 58,000,he said, adding that $ 65,000 would be next.

If we see strength above $ 65,000, much higher targets are possible,Pearlstone said.

Now that the investment community is well aware of Bitcoin, its volume is becoming a key metric,he stressed.

Volume is higher today but still not convincing, so traders need to watch for a higher volume price reversal that is likely to push Bitcoin back into its recent trading range below $ 52,000 with support at $ 47,500 and $ 42,500. USA.

Krueger also spoke out, stating that In terms of levels, we will highlight the current record and $ 60,000 as the next key resistance levels for Bitcoin.

As for support, there is nothing to talk about until it drops to the $ 43,000 mark,he added.

 Bitcoin is trading north of $ 50,000 after recent gains

Previous Post Next Post