BTC price dips to test $48K ‘springboard’ for potential new Bitcoin bull run. As the sanguine continuation of the Bitcoin trend is defined by retesting support. Bitcoin (BTC) briefly dropped below $50,000 on Sep. 3.
The data shows BTC/USD dropped overnight to $48,350 on Bitstamp before bouncing back. On the other hand, A stronghold of that level would allow a breakthrough in resistance at $51,000 and beyond, trader and analyst Rekt Capital said.
Given that there is relatively little selling friction for most of the $50,000-$60,000 range. Overcoming this resistance should lead to adequately price gains for BTC.
“To continue bullish momentum, Bitcoin should breach the $51K level in my opinion”, analyst Michaël van de Poppe stated on Thursday.
Bitcoin fundamentals back in vogue
Bullish underlying metrics, however, prevented the latest bitcoin price rup-up. In focus Friday was hash rate. The return of which has actually all however alleviated the effect of the May Chinese miner thrashing.
“The bitcoin hash rate recovery would appear to be one of the most optimistic charts available today”, asserted celebrated commentator Vijay Boyapati.
A measure of hash rate, which is continuing its upward trajectory along with difficulty, was estimated at 129.2 exahashes per second (EH/s) at the time of publishing. Up 5 EH/s since the beginning of the week.