Bitcoin set another all-time high above $48,000 today. (Photo illustration by Chesnot\/Getty Images)<\/p>\n
Bitcoin has been flying high today, surpassing $48,000 this morning and soaring to its latest record price. <\/p>\n
The digital currency reached as much as $48,316.82 at roughly 11 a.m. EST, according to CoinDesk data. <\/p>\n
At this point, the cryptocurrency was up approximately 67% in 2021, additional CoinDesk figures reveal.<\/p>\n
The digital asset proceeded to pull back slightly after hitting this high, trading at $47,637.27 at the time of this writing. <\/p>\n
[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.] <\/p>\n
Key Technical Levels<\/p>\n
Bitcoin has had a very impressive year thus far in terms of price gains, and after it attained this latest record level, several market observers provided some technical analysis on the digital asset. <\/p>\n
The next major resistance level is the psychological barrier at $50,000, said Joel Kruger, cryptocurrency strategist at digital asset exchange LMAX Digital. <\/p>\n
Other analysts agreed with him, with Jon Pearlstone, publisher of the newsletter CryptoPatterns, stating that The next area of resistance will be the obvious $50,000 level. <\/p>\n
Mark Warner, head of trading at BCB Group, also singled out $50,000 as a key psychological level, stating that it would likely offer some resistance due to profit taking.<\/p>\n
As for where bitcoin might go after breaking through $50,000, technical analysts offered varied responses. <\/p>\n
The next measured move upside target is $55,000, said Kruger, who emphasized that the market likes to move in measured steps.<\/p>\n
Nicholas Pelecanos, head of trading at NEM, also weighed in, stating: <\/p>\n
We still have the psychological level of $50k to clear but after that, $55k and 75k are my next targets, which at the pace institutions are switching their balances to BTC could be in sight by the 18th of March.<\/p>\n
The market observers who contributed input for this article also shed some light on bitcoins key support levels. <\/p>\n
Warner indicated that the digital currency currently has Support at $45k and if that fails to hold, $38k-$40k is the next major support level.<\/p>\n
TimEnneking, managing director of Digital Capital Management, also weighed in, stating that $40k is major support and, after todays move, that may have moved up to $44k. <\/p>\n
Pearlstone offered his point of viewing, specifying that: <\/p>\n
Support levels are prior high of around $42,500 and a more important level at $37,500 which if broken with any strength would likely lead to a retest of the $30,000 level.<\/p>\n
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS. <\/p>\n
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Bitcoin Has Reached Its Latest High Above $48,000What's Next? - Forbes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin set another all-time high above $48,000 today. (Photo illustration by Chesnot\/Getty Images) Bitcoin has been flying high today, surpassing $48,000 this morning and soaring to its latest record price. Continue reading