Bitcoin hit another all-time high above $ 48,000 today. (Photo illustration by Chesnot / Getty Images)
Bitcoin soared high today, topping $ 48,000 this morning, and soaring to the latest record price.
According to CoinDesk data, the digital currency hit as high as $ 48,316.82 around 11 a.m. EST.
At that point, the cryptocurrency was up about 67% in 2021, as additional CoinDesk numbers show.
The digital asset retreated slightly after hitting this high, trading at $ 47,637.27 at the time of this writing.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Important technical levels
Bitcoin has had a very impressive year in terms of price increases so far and after hitting this latest record high, several market watchers provided some technical analysis on the digital asset.
“The next major level of resistance is the psychological barrier at $ 50,000,” said Joel Kruger, cryptocurrency strategist at LMAX Digital.
Other analysts agreed, along with Jon Pearlstone, editor of the CryptoPatterns newsletter, saying, “The next area of resistance will be the obvious $ 50,000 level.”
Mark Warner, commercial director at BCB Group, also highlighted $ 50,000 as a “key psychological level” and stated that it would likely “offer some resistance due to profit-taking.”
Technical analysts gave mixed answers on where Bitcoin could go after breaking $ 50,000.
The next “measured upside target” is $ 55,000, said Kruger, who stressed that “the market likes to move in measured steps.”
Nicholas Pelecanos, Sales Manager at NEM, also said:
“We still have the psychological level of $ 50,000 to clear, but after that, my next goals are $ 55,000 and $ 75,000, which at the rate at which the institutes are converting their balances to BTC by March 18th could be. “
The market watchers who contributed to this article also shed some light on Bitcoin’s key support levels.
Warner stated that the digital currency currently has “support at $ 45,000. If it doesn’t, the next major level of support is $ 38,000 to $ 40,000.”
Tim Enneking, General Manager of Digital Capital Management, also said, “$ 40,000 is a vital endorsement and after today’s move it could be up to $ 44,000.”
Pearlstone offered its point of view, specifying the following:
“Support levels are previously high at around $ 42,500 and more important at $ 37,500, which if broken with any strength would likely result in a retest of the $ 30,000 level.”
Disclosure: I own Bitcoin, Bitcoin Cash, Litecoin, Ether, and EOS.