What Technical Levels Should Traders Watch After Bitcoin’s Latest Rally?

What Technical Levels Should Traders Watch After Bitcoin’s Latest Rally?

Bitcoin prices have had a good day, climbing more than 6% in less than an hour and then extending those gains later on. The innovative digital asset spiked this morning, rising from $44, 875. 50 at roughly 6 a. m. EDT to $47, 650. 40 shortly after, CoinDesk figures show. After experiencing some volatility, the cryptocurrency trended higher, reaching as much as $48, 462 around 6 p. m. EDT, according to additional CoinDesk data. By climbing to this point, the cryptocurrency was up more than 11% since the start of the day. [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 bitcoin enjoyed this price increase, several market observers weighed in on where the digital currency might go in the near future. "The next level to watch in BTC is probably 49k," said William Noble, the chief technical analyst of research platform Token Metrics. "That is the zone where the decline started from." "The Fed may have put money in the system to cushion the eventual Evergrande event. This may have triggered flows into BTC and forced hedgers and short sellers