BTC price fell to test the “springboard” of $48,000 in search of a potential new Bitcoin bull market

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.

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

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD fell to a low of $48,350 on Bitstamp overnight, and then recovered.

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.”

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

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.

related: Twitter allows users to add BTC and ETH addresses to their profile: screenshot

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.

“Not because the price follows the hash rate, but because it demonstrates the incredible resilience of the Bitcoin network, even for attacks against nation states.”

Hash rate, where Join difficulty On the way up, Measurement At the time of writing, it is estimated to be 129.2 exahashes (EH/s) per second, which has increased by 5 EH/s since this week.

Bitcoin estimated 7-day average hash rate chart.Source: Blockchain