Bitcoin Price Back To $48K as Crypto market Ignores Binance KYC news
Bitcoin (BTC) abruptly exited lower levels to challenge firm resistance on Friday in further inspiration for bulls. BTC rose about 6% over the past 24 hours as buyers defended support at the 200-day moving average around $45,000. The cryptocurrency was trading at $48,230 at press time.
BTC/USD pair had received a welcome boost from news of a Bitcoin fund launch from Wells Fargo, which fueled 24-hour gains of over 5%.
Bitcoin was primed to challenge established resistance levels at $47,000 and higher — these nonetheless keeping bulls in check at the time of writing.
For popular trader and analyst Rekt Capital, a key support area to watch was now broader — between $44,000 and $46,500. He commented:
“BTC successfully Daily Closed above orange, which has led price to immediate resistance at the Lower High (black). $BTC could get rejected from here, even if just for a small dip to retest the top of the orange area as support.”
Bitcoin was unimpacted by news that major exchange Binance would enforce identification measures for all users beginning in September.
Strength in the United States dollar, traditionally a problematic event for short-term price action, also failed to dampen the enthusiasm.
“BTC is surprisingly strong while DXY is ripping higher,” trader Crypto Ed said in comments on the situation.
Following up my $DXY threadhttps://t.co/LxDaQons0L#BTC is surprisingly strong while DXY is ripping higher. DXY pulled back and now going for the red box, perfectly explained in that thread. Real BTC strenght shoud kick in IF DXY completes its corrective bounce and reverses pic.twitter.com/aM2QZxfYiX
Similar strength was observed as a knock-on effect for altcoins, with Cardano (ADA) once again returning to outshine market heavyweight Ethereum (ETH).
The latter nonetheless achieved daily gains above 8%, while Cardano was up 21% at the time of writing, climbing above $2.56.
XRP and Polkadot (DOT) managed 12.44% and 11.45% returns respectively.
