BTC price broke above the $50,000 level, and bulls were able to test the $50,200 area as part of a broader market rally.
Bitcoin ‘s price broke above the $50,000 level once again after bulls helped it rally more than 5% in early trading on Thursday.
The price of the pioneering crypto-currency hit highs of $50,200 in morning trading before bulls ran into some resistance, according to data from CoinGecko.
The rise represents another attempt by bulls to move above the $50,000 area. The previous move above the stubborn supply zone failed when BTC price corrected after reaching $50,505 on August 23.
BTC is trading around $49,800 at the time of writing, with investors eager to lock in their profits, which has contributed to the drop below the psychological barrier.
According to crypto-currency analyst Michael van de Poppe, the supply wall just above $50,000 represents the “final barrier” before prices rally to the next resistance around $57,000. However, the analyst points to two possible bearish targets if BTC fails to make progress, with the first support likely to be at $44,586.
The crypto-currency could fall into the $36,500 area if the above price level fails to provide a buffer, the analyst shared on Thursday.
Van de Poppe nonetheless expects large-cap altcoins to rally as money flows into the market on the back of the Bitcoin (BTC) and Ethereum (ETH) rally.
Probably we’ll see the money go through the coins once again.
Then the large caps start running etc.
– Michaël van de Poppe (@CryptoMichNL) September 2, 2021
Ethereum is trading around $3,740, up 5.7% in the past 24 hours, according to CoinGecko. The crypto-currency has tested intraday highs of $3,828 and remains in an uptrend that could see ETH/USD targeting $4,000 this week.
Another top performer was Cardano (ADA), the third largest crypto-currency with a market cap of $97 billion. ADA’s price has gained nearly 7% over the past 24 hours, though it is currently trading around $3.04 after falling from today’s new all-time high of $3.09.
Other corners that have seen significant gains on the day are XRP and <a href=”https://coin24.fr/dogecoin/acheter/”>Dogecoin, up 6% and 7% respectively.