Bitcoin prices have been trading primarily between $30,000 and $42,000 since late May, but recently, they have repeatedly attempted to mount convincing breakouts.
In the last week, the cryptocurrency surpassed the upper limit of the aforementioned range multiple times, CoinDesk figures show.
It reached $42,351.93, $42,369.39 and $42,435.07 on July 30, July 31, and August 1, respectively, additional CoinDesk data reveals.
More recently, the digital asset has fallen back somewhat, declining to as little as $38,978.57 this morning, down roughly 8.1% from yesterday’s recent high.
[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.]
Key Technical Levels
Keeping these latest developments in mind, several technical analysts weighed in, shedding some light on bitcoin’s crucial levels of support and resistance.
Katie Stockton, the founder and managing partner of Fairlead Strategies, LLC, offered some perspective:
“Bitcoin has broken through the resistance I have been highlighting defined by the