Bitcoin Hits $47.1K as Altcoins Follow a Bullish Trend

The current market charts of the crypto world show some substantial increases in price, especially in the top-performing assets. Bitcoin and Ethereum have been on a long Bull run, and it seems like Cardano and Binance Coin are also following the course.

Bitcoin Bullish Trend

Bitcoin has, in the last two weeks, been on continuous price recovery. Currently, the coin is trading at around $47.1k, which is a 1.74% rise in 24 hours. However, the coin immediately dropped back to $46.7k but will likely surpass the $47k again soon. A few days ago, Bitcoin surpassed one of its resistance levels, the $45k mark, and according to analysts, it will face another resistance at $48.9k. The long-term resistance level is currently at $50k. 

The trading volumes of Bitcoin in the past 24 hours, according to coinmarketcap, are surging. The volumes have increased 13%, showing that investor confidence is growing. If the confidence continues increasing, Bitcoin could easily surpass the $50k long-term resistance and maybe hit the experts’ expectations of $100k by the end of 2021.

Although the coin is gaining value, a downtrend could likely occur if the confidence in the coin reduces and the purchase volumes reduce. A slight reverse action could cause a more prolonged reverse action, driving the coin below its current supports at $45k. The action could result in further corrections to $42.5k.

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Bitcoin’s increasing institutional adoption is one of the driving forces behind the current trends. As a result, a downtrend is currently possible but highly unlikely to occur. 

Ethereum Increasing Prices

Ethereum, like Bitcoin, is also experiencing a bullish trend that begun on the $rth of August. The coin continues to stand at 2nd in the CMC, with a unit price of $3264. In the past 24hours, since Friday 13th, Ethereum has made a slight price retracement of about 0.96%. 

Ethereum’s next resistance level is around $3.5k, which could occur sooner than expected. Although CMC marks the price gain by Ethereum to 0.96%, the coin still managed to rise to a high of $3.3k in the past 24 hours but later dropped suddenly. 

However, it’s much likely that the Ethereum Bullrun will go on, and it may visit the resistance at $3.5k and surpass it, heading to newer prices. London fork and Institutional support are continually being credited for the coin’s massive gains.

Altcoins Retracing: ADA and BNB

The 3rd-largest crypto by market cap also sees its best days in the crypto world. Cardano has massively increased prices this week alone, with the 7-day price gain standing at 51% and a 24-hour growth of 11%. Currently, the coin is trading at $2.2. The resistance is currently at $2.3, and the long-term resistance is $3. If the coin continues with this run, it could hit $3 in a few weeks. 

Btc

Bitcoin

$28.055
price

0.96356%
price change

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Binance Coin, currently number 4 in the CMC rankings, is also another coin on a bullish trend. BNB gained over 15% in prices in just the past seven days, hitting $408. Bitcoin’s bullish is one of the factors that affect the prices of this other Altcoins. However, Cardano’s prices are primarily a result of the impending Alonzo hardfork.