As the crypto market dismissed the Binance KYC news, the price of Bitcoin rebounded to over $47,000


Bitcoin (Bitcoin) Suddenly exited lower levels on Friday to challenge firm resistance to further motivate the bulls.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin coils below the main selling order

Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD hit a local high of $47,415 on Bitstamp overnight on Thursday.

The news of Wells Fargo’s launch of a Bitcoin fund drove the boost to the currency pair, which promoted a 24-hour increase of more than 5%.

Bitcoin is now ready to challenge the established resistance levels of $47,000 and higher-nonetheless, these still keep the bulls under control at the time of writing.

For popular trader and analyst Rekt Capital, a key support area that needs attention is now broader – between $44,000 and $46,500.

“BTC successfully closed above the orange daily, which caused the price to immediately find resistance at the lower highs (black),” he said Comment On the accompanying chart showing the relevant price area.

“Even if it is only a small decline to retest the top of the orange zone as support, $BTC may be rejected from here.”

BTC/USD 1-day candlestick chart (Coinbase) and price levels.Source: Rekt Capital/Twitter

The subsequent drop below $47,000 did not last long, and the momentum remains strong because $48,000 Sell Wall Vaguely visible.

Bitcoin is not affected by news from the main exchange Binance implement Since September, all users have been implemented identification measures.

The strengthening of the US dollar has traditionally been a problematic event of short-term price movements, but it has not been able to curb this enthusiasm.

“BTC is unexpectedly strong, and DXY is going higher,” trader Crypto Ed Say In the comments on the situation.

Cardano stands out among the top 10 altcoins

Similar strength is observed as a knock-on effect of altcoins, Cardano (have) Return to the market heavyweight Ethereum once again (Ethereum).

related: As Friday’s $600 million BTC option is about to expire, Bitcoin strengthens

Despite this, the latter achieved daily gains of more than 6%, while Cardano was up 18% at the time of writing. Climbed above $2.50.

Ripple Both Polkadot (DOT) achieved a return of 10%.

ADA / USD 1-hour candlestick chart (Binance). Source: TradingView

In the context of a broader comeback of altcoins, the entire cryptocurrency market value again surpassed $2 trillion on Friday.