Bitcoin Has Struggled Nearly $ 50,000 What Happens After Its Breakthrough?

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Bitcoin has been stuck at nearly $ 50,000 as of this morning. (Photographic illustration by … [+] Chesnot / Getty Images)

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Bitcoin prices are trading near $ 50,000, fluctuating near that level since this morning.

The digital currency surpassed $ 50,000 around 5:45 a.m. EDT, but fell below that price by 7 a.m. EDT, according to figures from CoinDesk.

Since then, the cryptocurrency has traded in a $ 50,000 range, breaking above that key psychological level and then falling rapidly below, additional data from CoinDesk reveals.

Bitcoin has risen this afternoon, trading near $ 51,300 at the time of 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.]

After these latest price movements, several experts stepped in, providing technical analysis to shed light on the next bitcoin price move.

The psychological level of $ 50,000 naturally attracted some sellers, said Sean Rooney, head of research at crypto asset manager Valkyrie Investments.

However, BTC persisted in knocking on the door.

There is resistance at $ 53,000, but we’ll have to see where the open interest and funding rates are when it comes to understanding whether the price of bitcoin can cross it, Rooney noted.

He added that if there is no meaningful follow-up then price action may revisit the $ 45,000 area to regain momentum.

Gary Pike, director of sales and commerce at crypto services company B2C2, also commented on the situation.

The big resistance was $ 48.5- $ 49.5,000 in BTC, he said. Then yes. it was just in front of $ 50,000.

We’ve been through that now and should expect to retest the $ 53,000 level, Pike pointed out. This number was last reached on September 7.

Pike offered additional details on the markets, stating that:

The market swept the ban news from China and convincingly traded the $ 50,000 resistance on the back of extremely bullish sentiment. I would expect an asymmetric reaction in the market with less pullback on bearish news versus higher price movement on bullish macro news.

Brett Sifling, investment advisor for Gerber Kawasaki Wealth & Investment Management, also offered his point of view, pointing out that bitcoin operates via sell orders around that $ 50,000 level.

I would also expect it to have short term / minor resistance at $ 53,000, since it recently peaked there in the last race in September (top 9/21/09), has he declared.

Above $ 53,000, this could signal a break in the recent downtrend that has existed since April and suggest a further rise.

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

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