BTC Eyes $51K ‘Final Resistance’ – ETH Breaks $4K For First Time Since May
Bitcoin is closing in on “final hurdle” resistance at $51K level, as Ethereum briefly visited above $4K level which is hasn’t seen since May.
Bitcoin (BTC) exceeded $50,500 later on Friday as a return to the $50,000 mark put bulls firmly back on the scene. At the time of writing the number one crypto asset trades at $50,780 closing in on the $51,000 mark.
BTC/USD Source: TradingView
Bitcoin lines up a $51,000 offensive
BTC/USD gained ground after dropping to $48,300 lows overnight earlier this week.
As a retest, Bitcoin price action then reversed to climbing, giving hope that $50,000 could establish itself as support.
Should that happen and $51,000 resistance fades, the chances favor an impulse move to the upside, analyst Michaël van de Poppe said:
“The moment that Bitcoin is breaking out of this $51,000 level, the chances are that we just get one vertical candle towards $58,000, or even $60,000.”
The crypto expert added that under that scenario, altcoins, which this week have gained considerably, may lose out heavily against BTC pair.
A look at buy and sell levels on major exchange Binance, meanwhile, highlighted the last remaining major resistance level nearby at $51,000, with support in place at $47,000.
Ethereum (ETH) staged a successful attack to break $4,000, a level it has not seen since May.
ETH hit $4,018 on Friday, putting it within $200 of the its all-time high of $4,196.63.
ETH/USD Source: CoinMarketCap / Tradingview
Solana (SOL) was keeping up its steady climb, and gained relatively the most out of the top 10 cryptocurrencies by market capitalization, climbing 20% on the day to top $140.
SOL took over the 7th place as the largest crypto by market cap, leaving Dogecoin (DOGE) behind.
