Bitcoin is trading north of $ 50,000 after the recent gains

Bitcoin prices have surged over the past few days, approaching $ 55,000 and then pulling back a bit, and has managed to sustain most of its recent gains.

The digital coin rose to $ 54,813.03 this morning, according to CoinDesk data.

Many of us have followed the massive highs and lows of bitcoin and cryptocurrencies in general over the past few years. Some may have written them off entirely after an 80% drop in 2018, only to see them return to the collective consciousness of investors in 2020. 

Read Also: Top 10 Bitcoin Investment and Crypto Sites

Sentiment has definitely changed over a couple of short years - more institutional investors are taking a closer look at cryptocurrencies, and former naysayers have softened their opinions.

At this point, the cryptocurrency was up 11% from its intraday low of $ 49,390 yesterday, according to additional CoinDesk numbers.

After climbing to just over a few hundred dollars from $ 55,000, the digital asset saw a slight decline but was trading near $ 54,000 at the time of writing.

[Ed's note: Investing in cryptocurrencies or tokens is highly speculative and the market is largely unregulated. Anyone who thinks about this should be prepared to lose their entire investment.)

Bitcoin: More for you

Amidst Bitcoin's massive surge, the data reveals serious warnings about coin prices

Crypto Rising Star BlockFi combats 'vulgar and racist' spam attacks

Bitcoin Price Prediction: How Far Can Bitcoin Rise Run?

Bitcoin: Big investors

When explaining the latest bitcoin price increases, analysts have repeatedly emphasized the continued influx of high-profile investors such as financial institutions and large corporations.

We still see bigger players making their way into space in 2021.

A board member of the Crypto Finance Group offered a similar view.

More specifically, he claimed that one of the main reasons Bitcoin was able to once again reach a market value of $ 1 trillion was the growing demand from large investors who are allocating money into digital assets for the first time.

Along with participation from larger institutional investors, there are more and more high-profile purchases from major companies with Bitcoin in their vault.

The fact that Bitcoin price is recovering after every drop in recent days indicates steady buying pressure in the market and sustained support.

I wouldn't be surprised to see a new all-time high soon.

Bitcoin: Main technical levels

As for where Bitcoin prices might go next, several market watchers have provided their views, identifying important levels of support and resistance.

Newsletter publisher CryptoPatterns said: Bitcoin has exited its recent $ 47,000-$ 52,000 trading range to the upside.

The next major resistance levels are close to all-time highs at $ 58,000, hence $ 65,000 will follow.

If we see a force higher than $ 65,000, it is possible to achieve much higher goals.

With the investment community now well aware of Bitcoin, the strength of the volume is now a major indicator.

Volume is stronger today but still not convincing, so traders need to watch a price reversal with stronger volume which will likely return Bitcoin to its recent trading range under $ 52,000 with support at $ 47,500 and $ 42,500.

Regarding the levels, we will highlight the current record high and $ 60,000 as the next major levels of Bitcoin resistance.

On the support side, there isn't much to talk about until hitting the $ 43,000 area.