Bitcoin price stabilizes after $50,000 retest

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.

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.