BTC price hits $48K with little resistance left before $50K retest
By Kathi on Sep 15, 2021 | 04:35 AM IST
Bitcoin (BTC) quickly returned to $48,000 during Sept. 15
as BTC/USD continued on the path to a $50,000 retest.
Data from Cointelegraph Markets Pro and TradingView tracked
the largest cryptocurrency as it beat out thin resistance above $47,000 to zone
in on psychologically significant higher levels.
Passing $47,000 was a substantial gain for bulls, with
resistance then shifting up towards the $50,000 mark, an area which should come
next, analysts say.
"Right now, we are looking at a potential breakout
above the range high," Cointelegraph contributor Michaël van de Poppe said
in his latest YouTube update earlier on the day.
Van de Poppe revealed that he was uncertain about a
breakout happening at this stage, but if it were to happen, a $50,000 retest
would be "pretty significant."
"That's the final hurdle before we're going to have an
actual new all-time high, in my opinion," he added about flipping then
retesting $50,000 as support.
A look at the latest buy and sell positions on major exchange
Binance confirmed the increasing resistance wall beyond the $40,000–$50,000
corridor.
Altcoins were also in a broadly celebratory mood Wednesday,
with Cardano (ADA) and Binance Coin (BNB) both seeing gains in excess of 6%.
The best performers in the top ten cryptocurrencies, the
two tokens outshined the previously buoyant Polkadot (DOT), which conversely
lost 4% on the day.