Bitcoin trades the highest level since May 16

Bitcoin trades the highest level since May 16

High today reached $49,164

The price of bitcoin traded to the highest level since May 16 today. The move reached a peak of $49,163.98. That was just short of the natural resistance at the $50,000 level. Getting above that 50,000 level will be eyed going forward. The current price is trading at $48,770.92.

High today reached $49,164_

Looking at the daily chart, the price low from just yesterday’s trade stalled near the swing low from August 12 near $43,800. The low price yesterday reached $43,935 (close enough in the world of Bitcoin).  Holding that level gave the buyers some added confidence to push the price higher. The digital currency close near the 50% midpoint of the range since the April high yesterday, but pushed through that level in trading today and also above the high from last week at $48,190. That level will now be close support as well the 50% midpoint at $46,747.61. Stay above keeps the buyers more in control from a technical perspective.

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