BTC Price Momentum is Back in Action, While ETH Reverses Losses

The bulls are back in control of bitcoin’s price action after the leading crypto bounced from a slump to a new weekly low at $44,012. The price has now recovered gains and is trading above $48K, per data from coinmarketcap. 

The BTC price logged new multi-month highs of $48,630 on Friday, the highest level since the mid-May crash, proving that the bull market cycle is still on. The uptrend that has seen BTC jump nearly 7% over the past 24 hours comes amid a broader market resurgence that has seen crypto assets such as ADA and XRP log double-digit gains. 

Crypto proponents will be excited to see bitcoin challenge the stubborn $48K resistance and coil up beneath a dense sell wall that has kept bulls in check since August. 

The flagship crypto has now registered gains of over 55% in the last month, helping the crypto market to soar beyond the $2 trillion threshold. The bulls received a significant boost from news that Wells Fargo and JP Morgan plan to launch a bitcoin fund as institutions continue to embrace the crypto space. 

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BTC Bulls Gear up to Surmount the $50K Resistance

After two months of volatility in the BTC market, bulls look ready to finally test the last resistance before the $50K psychological barrier. 

The remarkable breakout from lows of $29K seen a few weeks ago to the current highs above $48K has come on the back of solid institutional backing from major corporations like Microstrategy and Voyager Digital. 

According to analyst and crypto trader Rekt Capital, a daily close above $48K is now crucial to confirming a breakout from the current range and propel BTC to highs above $50K. 

“Daily Close like this confirms the breakout. Moreover, Daily Close like this and BTC could see a dip into the black trendline/top of the orange box for a retest attempt,” the prominent analyst tweeted. 

The BTC price uptick toward $50K goes on despite Binance exchange’s recent announcement that it would limit trading services to users who failed to adhere to new KYC and AML rules. 

ETH Price Turns Green

The ETH price, which dipped below $3K earlier this week, is seeing phenomenal buy-side pressure as more investors continue to flock into the blockchain project following its latest London upgrade. 

The top altcoin started a fresh increase above the $3,200 resistance level after forming a strong support base near $2,950. ETH/USD rose to a $3,335 swing high before parrying some gains and is now changing hands at $3,239, per data from coinmarketcap. 

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The pair could accelerate higher toward the $3,330 zone if it can manage a close above the resistance at $3,260.