Bitcoin
BTC$76 556.14

0.12%

Ethereum
ETH$2 925.60

2.08%

Tether
USDT$1.000823

0.01%

Solana
SOL$199.65

1.97%

Binance Coin
BNB$594.50

-1.06%

USD Coin
USDC$1.000004

0.02%

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 80% 31 $76 556.14 0.12% 9.80% $1 514 243 134 595 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 86.4% 26 $2 925.60 2.08% 16.33% $352 300 793 965 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000823 0.01% 0.09% $122 054 062 229 USDT 7 days price change
4 Solana (SOL) SOL Solana predictions 75.2% 54 $199.65 1.97% 19.85% $94 145 766 332 SOL 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 90.8% 5 $594.50 -1.06% 3.30% $85 666 496 935 BNB 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $1.000004 0.02% -0.01% $36 941 684 899 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 91.6% 12 $0.547591 -1.21% 6.03% $31 140 763 660 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 68.4% 65 $0.193163 -0.82% 19.61% $28 338 699 248 DOGE 7 days price change
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10 TRON (TRX) TRX TRON predictions 90.4% 2 $0.160949 0.44% -3.75% $13 909 587 389 TRX 7 days price change
11 Toncoin (TON) TON Toncoin predictions 84% 20 $4.89 -0.42% -0.92% $12 451 787 123 TON 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 75.2% 44 $28.17 1.95% 12.79% $11 469 613 239 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 56.4% 94 $0.000019 -1.60% 5.61% $10 964 024 628 SHIB 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 96% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

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