Bitcoin
BTC$67 685.77

-1.74%

Ethereum
ETH$3 856.07

-1.86%

Tether
USDT$0.999067

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BNB$597.03

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Solana
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BTC price dips to test $48K springboard for potential new Bitcoin bull run


03 Sep 2021

#Bitcoin

A brief but timely reversal sees BTC/USD attempt to establish a firm foundation for its next stage of bullish upside. Bitcoin (BTC) briefly fell below $50,000 to retest support on Sep. 3 in a "critical" move for determining bullish continuation. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping to lows of $48,350 on Bitstamp overnight before recovering. That level represents an important zone to hold, trader and analyst Rekt Capital said Friday, and success will allow a solid attack on resistance at $51,000 and beyond.

"BTC is still in the process of retesting this blue diagonal as support," he commented on an accompanying chart. "BTC needs to successfully retest this blue diagonal as support if it is to springboard to ~$51,000 next."

As Cointelegraph reported, beating out this resistance should lead to fairly swift BTC price gains given the lack of selling friction for much of the remaining $50,000-$60,000 corridor.

"To me, Bitcoin still has to break that $51K level here for further bullish momentum," Cointelegraph contributing analyst Michaël van de Poppe added Thursday. He noted that while BTC/USD ranges, altcoins should continue to benefit.

Bitcoin fundamentals back in vogue

Elsewhere, excitement was brewing about the bullish underlying metrics which have precluded the latest Bitcoin price run-up. In focus Friday was hash rate, the comeback of which has all but mitigated the impact of the May Chinese miner rout.

"Bitcoin's hash rate recovery is perhaps the most bullish chart available today," celebrated commentator Vijay Boyapati argued. "Not because price follows hash rate, but because it demonstrates the incredible resilience of the Bitcoin network, even against a nation-state attack."

Hash rate, which joins difficulty in continuing its upward path, measured an estimated 129.2 exahashes per second (EH/s) at the time of writing, already up 5 EH/s from the start of the week.

 


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 77.2% 43 $67 685.77 -1.74% -4.06% $1 333 720 305 958 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68% 70 $3 856.07 -1.86% 2.36% $463 258 843 200 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.2% 1 $0.999067 -0.06% -0.07% $111 860 875 075 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 94.4% 6 $597.03 -1.13% -2.61% $88 113 124 808 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 67.6% 73 $169.71 0.71% -5.16% $76 285 696 632 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000181 -0.01% 0.02% $32 486 438 065 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 92.8% 6 $0.528184 -0.83% -2.87% $29 277 463 978 XRP 7 days price change
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10 Cardano (ADA) ADA Cardano predictions 86.4% 19 $0.455335 -2.37% -9.08% $16 253 111 127 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 78.8% 33 $0.000026 0.32% -1.72% $15 102 955 216 SHIB 7 days price change
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15 Polkadot (DOT) DOT Polkadot predictions 80.4% 33 $7.31 -2.59% -3.52% $10 506 078 807 DOT 7 days price change

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