BTC price breached the $50,000 hurdle, with bulls able to test the $50,200 zone amid a broader market rally
Bitcoin price has broken above the $50,000 level once again after bulls helped it rally by more than 5% during early trading on Thursday.
The price of the pioneer cryptocurrency rose to highs of $50,200 in the morning before bulls ran into some resistance, data from CoinGecko shows.
The upside represents another attempt by bulls to turn bullish above the $50,000 zone. The previous move above the stubborn supply zone failed when BTC price corrected after reaching $50,505 on 23 August.
BTC is trading around $49,800 at time of writing, with investors keen on locking up profits, contributing to the decline below the psychological barrier.
According to crypto analyst Michaël van de Poppe, the supply wall just above $50,000 represents the “final barrier” before prices rally to the next resistance around $57,000. The analyst however highlights two possible bear targets if BTC fails to move higher, with the first support likely at $44,586.
The cryptocurrency could drop to the $36,500 zone if the above price level fails to provide a buffer, the chart 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 Bitcoin (BTC) and Ethereum (ETH) rallying.
Probably we’ll see the money go through the coins once again.
First, #Ethereum and #Bitcoin run.
Then the large caps start running etc.
— Michaël van de Poppe (@CryptoMichNL) September 2, 2021
Ethereum is trading around $3,740, 5.7% up in the last 24 hours, according to CoinGecko. The cryptocurrency has tested intraday highs of $3,828 and remains in an uptrend that could see ETH/USD target $4,000 this week.
Another top performer has been Cardano (ADA), the third-largest cryptocurrency, with a market cap of $97 billion. ADA price has gained nearly 7% in the past 24 hours, although its price is currently around $3.04 after declining from the new all-time high of $3.09 reached today.
Other coins that have seen significant gains on the day are XRP and Dogecoin, up 6% and 7% respectively.