Bitcoin Began Fresh Increase Above $47K Pushing Altcoins Up

Bitcoin Began Fresh Increase Above $47K Pushing Altcoins Up

On Wednesday, September 15, Bitcoin rallied and began a fresh increase above $47K which pushed most altcoins up. Also, Ethereum reclaimed its position at $3.4K.

The world’s largest cryptocurrency by market cap improved 4.37% to $47,145.50 with a 24-hour change of $1,974.

Currently, Bitcoin has a market capitalization of $887.09 billion. Then, it has a 24-hour volume of $989.18 million with a low of $45,082.50 and a high of $47,437.04.

An analyst stated that remaining above the $45,000 level is a positive move for BTC.

This resulted in a rise over the resistance zone of $46,000 and the 100 hourly simple moving average.

Based on the analysis, Bitcoin’s price broke the resistance levels of $46,200 and $46,500.

Also, there was a blowout over a key bearish trend line with resistance close to $46,000 based on the BTC/USD hourly chart.

Therefore, the pair was able to ascend above the resistance zone of $47,000.

Now, Bitcoin is facing resistance close to the $47,500 zone and a high was made near $47,464 as it consolidated its gains.

Currently, BTC is well above the 23.60% Fibonacci retracement level of the uptrend motion to $47,464 high from $43,374 low.

Additionally, an immediate on the upper trend is near the level of $47,400 and the major resistance now is close to the $47,500 zone.

Another analyst forecasted that Bitcoin’s next major resistance is just about the level of $48,000. 

This is above where the price could climb to the key resistance of $50,000 in the near term.

If Bitcoin fails to reach the $47,500 resistance zone, it will begin to decline and its immediate downside support is near $46,500.

Crypto Up as Bitcoin Rose

Furthermore, Ethereum continued its yesterday’s rebound and soared 3.45% to $3,407.08.

Currently, it has a market capitalization of $400.58 billion with a 24-hour volume of $18.89 billion.

Likewise, Litecoin jumped 1.79% to $181.63 with a market capitalization of $12.12 billion and a 24-hour volume of $3.38 billion.

Consequently, Bitcoin Cash smashed 3.82% to $640.22 with a market capitalization of $12.05 billion and a 24-hour volume of $5.57 billion.

Then, Uniswap spiked 11.77% to $25.51 with a market capitalization of $15.68 billion and a 24-hour volume of $628.57 million.

Also, Dogecoin hopped 1.99% to $0.24 with a market capitalization of $31.67 billion and a 24-hour volume of $943.43 million.

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