Has Bitcoin Been Building Strong Support Above $50,000?

Has Bitcoin Been Building Strong Support Above $50,000?

Bitcoin has enjoyed some impressive gains lately, breaking through $40,000, $50,000 and $60,000 for the first time all this year.

After surpassing the aforementioned price levels, the cryptocurrency has been enjoying a period of strength, trading north of $50,000 since March 8, CoinDesk figures show.

Since the digital asset has been fluctuating above this key, psychological price level for more than a week, several market experts weighed in, offering some technical analysis.

[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.]

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William Noble, the chief technical analyst of research platform Token Metrics, put it bluntly, stating “BTC has built solid support above $50k.”

“Big players set themselves up to buy just below $55k,” he said, adding that “$54k and $55k are really good support levels.”

Yuriy Anosov, head of trading for digital asset custody firm Anchorage, gave his two cents, emphasizing the digital currency’s recent resilience.

“After going through $50k the last time on the 8th, we have held up above the $54k support level, bouncing off of it 5 separate times over the last 10 days,” he stated.

Chad Steinglass, head of trading at digital assets firm CrossTower, offered similar input.

“BTC has been building a base of support in the $53k range that has been challenged once or twice, but has yet to be breached even on relatively bearish macro movements,” he stated.

“Institutions and other large buyers have been happy to accumulate on dips near that level for the past two weeks,” Steinglass noted.

He stated that below the $53,000 level, bitcoin has support that was already established around $47,000.

Steinglass added that he sees resistance around bitcoin’s all-time high between $61,000 and $62,000.

Past that, he offered some insight on where bitcoin might go next.

“Above 62k, I’ll be looking for 70k to follow in short order,” said Steinglass.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.

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