Bitcoin prices have rallied lately, surpassing $52,000 after struggling near the $50,000 price level.
The digital currency rose to $52,636.22 earlier today, CoinDesk data shows. At this point, it was up nearly 12% after falling to as little as $47,118.40 yesterday, additional CoinDesk figures reveal.
Since then, the cryptocurrency has pulled back slightly, trading mostly between $50,500 and $51,500.
[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.]
Following these latest price movements, several market observers weighed in, offering technical analysis in order to shed some light on where bitcoin may go next. “With this surprising move overnight to $52k, we may see further upside resistance at the $52,500 and $55k levels, and obviously again at $58k, as the market will test and discover how many market participants are willing to buy at that price,” said Constantin Kogan, managing director of Wave Financial Group.