Bitcoin
BTC$30 425.86

1.89%

Ethereum
ETH$2 090.50

3.30%

Tether
USDT$0.998912

0.01%

USD Coin
USDC$1.000223

-0.04%

Binance Coin
BNB$306.01

2.69%

XRP
XRP$0.437623

3.58%

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.

 


Related

Bitcoin’s short-term upward channel
Bitcoin’s short-term upward channel
Has Bitcoin reached the bottom?
Has Bitcoin reached the bottom?
Bitcoin's Price Plunges Below $34,000
Bitcoin's Price Plunges Below $34,000
Bitcoin stabilised but has trouble to reverse strongly
Bitcoin stabilised but has trouble to reverse strongly
Bitcoin will fall until the bulls capitulate
Bitcoin will fall until the bulls capitulate
The culmination of the battle for the trend in Bitcoin
The culmination of the battle for the trend in Bitcoin
Bitcoin undecided on a scenario for May
Bitcoin undecided on a scenario for May
Bitcoin: How the $1 million rally begins
Bitcoin: How the $1 million rally begins
Bitcoin's last hope for $38K
Bitcoin's last hope for $38K

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 63.6% 80 $30 425.86 1.89% -1.92% $579 391 415 566 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.2% 79 $2 090.50 3.30% -10.78% $252 573 435 663 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.2% 1 $0.998912 0.01% -0.09% $75 669 699 902 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000223 -0.04% 0.04% $52 257 588 805 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 62.8% 79 $306.01 2.69% -4.14% $49 964 118 179 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 63.6% 70 $0.437623 3.58% -14.80% $21 156 072 907 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 64% 70 $0.578106 3.81% -8.07% $19 504 744 967 ADA 7 days price change
8 Solana (SOL) SOL Solana predictions 62% 80 $57.15 6.48% -14.37% $19 281 004 281 SOL 7 days price change
9 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.001801 0.23% 0.21% $18 227 343 147 BUSD 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 64.8% 80 $0.090213 2.70% -16.84% $11 968 648 400 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 66% 77 $11.03 3.86% -2.85% $10 897 183 478 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 60% 78 $34.41 5.51% -22.75% $9 258 886 148 AVAX 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 60% 80 $30 467.72 2.06% -1.79% $8 633 147 111 WBTC 7 days price change
14 TRON (TRX) TRX TRON predictions 69.6% 60 $0.072292 4.60% -6.07% $7 059 564 799 TRX 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 62.8% 78 $0.000013 4.67% -22.56% $6 893 647 644 SHIB 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.