Bitcoin surges about $50,000, setting new high going back to December 2021

The price of bitcoin has moved above the $50,000 level for the first time since December 2021. The high price reached $50,204 so far.

Looking at the daily chart, the price is also about the 61.8% retracement of the move down from its all-time high. That level comes in at $48,606. For traders looking for more upside, that level would be a close risk/bias defining level in the short-term. Staying above is more bullish. Moving below would be more bearish at least in the short term.

The next upside target on a daily chart comes near the $52,000 level. That area corresponds with swing highs going back to December 2021 (see chart below).

This article was written by Greg Michalowski at Source