What’s Next For Bitcoin After It Fell To $42,000 And Recovered?

What’s Next For Bitcoin After It Fell To $42,000 And Recovered?

This is a BETA experience. You may opt-out by Bitcoin prices have had a turbulent 48 hours. Bitcoin prices have suffered some intense volatility lately, falling to their lowest since September. When explaining this sharp decline, several analysts pointed to spot selling. The downward price movement that resulted fueled a long squeeze, creating further losses, CoinDesk reported. Since that time, the digital asset has bounced back, repeatedly moving toward $50, 000 both yesterday and today. [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 technical analysts weighed in on the key levels of support and resistance that market observers should watch going forward. Ben McMillan, CIO at IDX Digital Assets, commented on the matter, stating that "$50k will be a key psychological level that bitcoin bulls will be eyeing to see if bitcoin can bounce back into $50k territory quickly and hold." "After that, $53k has been the key level that saw some resistance back in September as well as during the rally in October," he stated. Armando Aguilar, vice president of Digital Assets Strategy for