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Bitcoin prices climbed to a multi-month high today.

Bitcoin prices rallied today, climbing to their highest in more than two months as the digital currency surpassed $43,000.

The worlds most prominent cryptocurrency reached $43,341.84 this afternoon, CoinDesk figures show.

At this point, the digital asset was trading at its most elevated level since May 19, 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.]

Bitcoin has been trading primarily between $30,000 and $42,000 since late May, but the latest gains dont mean the cryptocurrency has broken through resistance near the upper bound of that range, said Katie Stockton, the founder and managing partner ofFairlead Strategies, LLC.

A confirmed breakout would require consecutive closes above $42,465, which could happen tomorrow as a bullish development, she stated.

Should the innovative digital asset keep rising in value, Stockton noted it will next encounter resistance close to $51,000.

William Noble, the chief technical analyst of research platform Token Metrics, offered similar input.

$43,700 is an important resistance point for bitcoin, he stated.

If bitcoin moves above that level, and successfully retests it, the uptrend can accelerate, added Noble.

$49k could be the next stop and I would not rule out a gap move back to the highs at $64k, he concluded.

Jake Wujastyk, chief market analyst of TrendSpider, also weighed in.

The anchored VWAP from the all-time high has not been respected perfectly and has about a 7.5% margin of error above which would put the resistance level for Bitcoin right around $45k, he stated.

This margin of error can be seen using the anchored VWAP with a 7.5% percentage offset.

The next level to watch above this would be the $50,000 psychological level, said Wujastyk.

John Iadeluca, founder & CEO of multi-strategy fund Banz Capital, also mentioned the $45,000 and $50,000 levels.

After reaching above $43,000, Bitcoin prices will face newly formed resistance at the $45,000 price level with added further pressure to the already existing $50,000 resistance level.

The price of $50,000 stands as a key psychological, as well as technical level that holds immense selling pressure.

While the aforementioned analysts largely focused on the resistance that bitcoin could encounter if it keeps climbing in value, Wujastyk spoke to the key levels the digital currency might encounter if it decreases in value.

The current key downside levels include the volume shelf shown by the anchored volume by price tool measuring the volume distribution of shares from the all-time highs, he said.

This volume shelf shows where a large number of shares are holding, which in this case, ranges from $33k-$36k. If this level breaks down, a test of the previous lows around $28,800 to $30,200 would be the next area to watch.

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

Original post:
Bitcoin Prices Just Reached Their Highest Since MayWhat's Next? - Forbes