Bitcoin prices had a great day. They climbed more than 6% in under an hour, and then they continued their gains later.

This morning’s innovative digital asset surged, from $44,875.50 at 6 a.m. ET to $47,650.40 just after 6 a.m. EDT, coinDesk figures reveal.

After some volatility, the cryptocurrency trended up, reaching $48,462 at 6 p.m. ET according to additional coinDesk data.

The cryptocurrency has risen more than 11% in the past 24 hours.

[Ed Note: Investing cryptocoins and tokens is highly risky as the market is not regulated. It is possible to lose all of your investment.

Many market observers speculated on the future of bitcoin after the price rise.

William Noble, chief technical analyst at research platform Token Measures, stated that ‘The next level in BTC is likely to be 49k’.

“That’s the area where the decline began.”

He provided some context and stated that:

“The Fed could have placed money into the system to cushion the eventual Evergrande events. This could have caused flows to BTC, causing short sellers and hedgers to cover.

Jake Wujastyk (chief market analyst at TrendSpider), also contributed.

“The psychological level of $50,000 is the key resistance level for Bitcoin, and the September 5th high (just shy of $53,000) is the next.

“The daily raindrop chart shows heavy volume accumulation at the top of this range, so these levels could come quite quickly.”

Collin Plume is the CEO and founder of My Digital Money. He described it as a’major resistance’ to bitcoin’s rise toward $60,000.

He identified support key, pointing out the $40,000 level.

Nick Spanos, cofounder and CEO of Zap Protocol offered a similar view, describing $39,000.00 as a critical support level.

He said that bitcoin prices could fall in the short-term and this price level could “bounce BTC’s value back up again and set it up for another rally.”

Wujastyk referred to a higher level of support, and stated the following:

“After breaking out from the falling wedge on the daily chart today, the main level you should watch below is volume-weighted average prices anchored from September 5th high at $45,100.