Bitcoin (Bitcoin) It briefly fell below $50,000 on September 3 to retest the support level, which is a “key” move to determine the continuation of the bullish trend.
Trader and analyst Rekt Capital said on Friday that this level represents an important area and success will allow a solid attack on resistance levels of $51,000 and above.
“BTC is still retesting this blue diagonal line as support,” he said Comment On the attached chart.
“If Bitcoin is going to jump to around $51,000 next, it needs to successfully retest this blue diagonal line as support.”
As Cointelegraph ReportIn view of the lack of selling friction in most of the remaining USD 50,000 to USD 60,000 corridor, defeating this resistance should cause the price of BTC to rise rapidly.
Cointelegraph special analyst Michaël van de Poppe added Thursday: “For me, Bitcoin still has to break through the $51,000 level here to gain further bullish momentum.”
He pointed out that although BTC/USD is in the range, altcoins should Continue to benefit.
Bitcoin fundamentals are back in fashion
Elsewhere, bullish excitement is brewing Basic indicators This has ruled out the latest Bitcoin price increase.
The focus on Friday was the hash rate. The recovery of the hash rate almost alleviated the impact of the collapse of Chinese mining machines in May.
“Bitcoin’s hash rate recovery is probably the most bullish chart today,” noted commentator Vijay Boyapati debate.