Bitcoin (BTC) passed $50,500 later on Sep. 3 as a return to the $50,000 mark put bulls firmly back on the scene.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin lines up a $51,000 offensive
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining ground after dipping to $48,300 lows overnight.
An important retest, Bitcoin price action then reversed upward, giving hope that $50,000 may now be able to cement itself as support.
Should that happen and $51,000 resistance fades, the chances favor an impulse move to the upside, Cointelegraph contributing analyst Michaël van de Poppe says.
“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,” he predicted in his latest YouTube update.
He added that under that scenario, altcoins, which this week have gained considerably, may lose out heavily against BTC.
A look jat 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.BTC/USD buy and sell levels (Binance) as of Sep. 3. Source: Material Indicators/ Twitter
Ethereum closes in on $4,000
On altcoins, Ether (ETH) stood out with an attack on $4,000, a level which it has not touched since May.
Related: Solana extends rally with another new high — Why is SOL price up by 70% in one week?
The largest altcoin gained another 5% Friday, putting it within $400 of historical all-time highs.ETH/USD 1-day candle chart (Bitstamp). Source: TradingView
Solana (SOL) was meanwhile the leader in the top ten cryptocurrencies by market cap, climbing 20% on the day to top $140.
In so doing, SOL supplanted Dogecoin (DOGE) as the seventh-largest cryptocurrency.