Bitcoin Has Been Struggling Near $50,000—What Will Happen After It Breaks Through?

Bitcoin prices have been trading close to $50,000, fluctuating near that level since this morning.

The digital currency surpassed $50,000 close to 05:45 a.m. EDT, but dropped below that price before 7 a.m. EDT, CoinDesk figures show.

Since that time, the cryptocurrency has been trading within range of $50,000, rising above that key, psychological level and then quickly falling underneath it, additional CoinDesk data reveals.

This afternoon, bitcoin moved higher, trading close to $51,300 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.]

After these latest price movements, several experts weighed in, providing technical analysis to shed some light on where bitcoin prices may go next.

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

“However, BTC has been persistent at knocking on the door.”

“There is resistance at $53,000, but we will have to see where open interest and funding rates are when the time comes to understand if the price of bitcoin can slice right through it,” noted Rooney.

He added that “if there isn’t meaningful follow through, then price action could revisit the $45,000 area to regain momentum.”

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

“The big resistance was $48.5-49.5k in BTC,” he stated. “So, yes. it was right in front of $50k.”

“We’re through that now and we should expect to retest the $53k level again,” Pike emphasized. “That number was last reached on Sept. 7th.”

Pike offered additional detail on the markets, stating that:

“The market has brushed off the China banning news and has convincingly traded through the $50k resistance on the back of extremely bullish sentiment. I would expect an asymmetry reaction in the market with less of a pullback on bearish news versus a higher price move on bullish macro news.”

Brett Sifling, an investment advisor for Gerber Kawasaki Wealth & Investment Management, also offered his perspective, stressing that bitcoin was “working through sell orders around that $50,000 level.”

“I would also expect it to have some short term/minor resistance at $53,000, since it recently peaked there on the last run in September (9/7/21 top),” he stated.

“Above $53,000 could signal a break of the recent down trend that we’ve been in since April and suggest further upside.”

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

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