Has Bitcoin Been Building Strong Support Above $30,000?

Has Bitcoin Been Building Strong Support Above $30,000?

Bitcoin has been trading between $31,000 and $33,000 today, which fits into a broader consolidation ... [+] pattern. (Photo by Jordan Mansfield/Getty Images)



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Bitcoin has been consolidating lately, trading mostly between $30,000 and $40,000 after hitting a record high of nearly $42,000 earlier this month.

Today, the world's most prominent digital currency fell to as little as $31,006.59 around 10 a.m. EST, CoinDesk figures show.

Since then, bitcoin has been stuck in a reasonably tight range, additional CoinDesk data reveals.

[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 developments, several market observers weighed in on bitcoin's price movements, offering some technical analysis on the innovative asset.

“There is strong support at $30k,” said Tim Enneking, managing director of Digital Capital Management.



Alex Mashinsky, cofounder, chairman and CEO of Celsius Network, provided similar input, stating that “there is substantial support at the $30k levels.”



Denis Vinokourov, head of research for London-based digital asset firm Bequant, also weighed in, emphasizing that:



"Bitcoin staged a strong bounce