HomeCryptoBTC price dips to test $48K 'springboard' for potential new Bitcoin bull...

BTC price dips to test $48K ‘springboard’ for potential new Bitcoin bull run

Bitcoin (BTC) briefly fell beneath $50,000 to retest assist on Sep. 3 in a “critical” transfer for figuring out bullish continuation.

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

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD dropping to lows of $48,350 on Bitstamp in a single day earlier than recovering.

That degree represents an essential zone to maintain, dealer and analyst Rekt Capital stated Friday, and success will permit a stable assault on resistance at $51,000 and past.

“BTC is still in the process of retesting this blue diagonal as support,” he commented on an accompanying chart.

“BTC needs to successfully retest this blue diagonal as support if it is to springboard to ~$51,000 next.”

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

As Cointelegraph reported, beating out this resistance ought to lead to pretty swift BTC price positive factors given the shortage of promoting friction for a lot of the remaining $50,000-$60,000 hall.

“To me, Bitcoin still has to break that $51K level here for further bullish momentum,” Cointelegraph contributing analyst Michaël van de Poppe added Thursday.

He famous that whereas BTC/USD ranges, altcoins ought to proceed to profit.

Bitcoin fundamentals again in vogue

Elsewhere, pleasure was brewing in regards to the bullish underlying metrics which have precluded the most recent Bitcoin price run-up.

Related: Twitter to permit customers to add BTC and ETH addresses to profiles: Screenshots

In focus Friday was hash fee, the comeback of which has all however mitigated the impression of the May Chinese miner rout.

“Bitcoin’s hash rate recovery is perhaps the most bullish chart available today,” celebrated commentator Vijay Boyapati argued.

“Not because price follows hash rate, but because it demonstrates the incredible resilience of the Bitcoin network, even against a nation-state attack.”

Hash fee, which joins issue in persevering with its upward path, measured an estimated 129.2 exahashes per second (EH/s) on the time of writing, already up 5 EH/s from the beginning of the week.

Bitcoin estimated 7-day common hash fee chart. Source: Blockchain