Bitcoin Continues to Rally towards $48K Driving Cryptos Up

Bitcoin Continues to Rally towards $48K Driving Cryptos Up

On Thursday, September 16, Bitcoin continued to rally towards $48K which drove most altcoins up. Also, Ethereum’s price followed BTC as it spiked to $3.6K.

The world’s largest cryptocurrency by market cap rose 2.11% to $48,061.00 with a 24-hour change of $991.24.

Currently, Bitcoin has a market capitalization of $904.36 billion. Then, it has a 24-hour volume of $987.79 million with a low of $46,744 and a high of $48,453.08.

BTC began a steady increase over the resistance level of $46,000 then it cleared the $47,000 zone and the 100 hourly simple moving average.

Finally, Bitcoin shattered the resistance zone of $48,000. Now, the price is consolidating its gains.

In addition, instant support on the downside is just about the level of $48,000.

Also, there is a key bullish trend border launching with support close to $48,000 on the BTC/USD pair hourly chart.

Then, Bitcoin is trading well above the 23.60% Fibonacci retracement level of the upside movement to $48,481 high from $43,375 low.

A swift resistance on the upward trend is near the level of $48,200.

At the moment, Bitcoin’s first major resistance is just about the $48,500 zone and it must clear the $48,500 resistance to climb higher.

An analyst said that the price could rise to the key resistance of $50,000 if bulls succeed.

Additionally, further gains can probably set the pace for a movement to the level of $52,000.

However, the price could decline if Bitcoin fails to clear the resistance zone of $48,500.

Then,  its immediate downside support will be near the trend line of $48,000.

Crypto Climbs as Bitcoin Rallies

Furthermore, Ethereum also continues to rise as it soared 7.86% to $3,662.30.

Currently, it has a market capitalization of $422.47 billion and a 24-hour volume of $18.34 billion.

Likewise, Cardano smashed 4.04% to $2.48 with a market capitalization of $78.99 billion and a 24-hour volume of $4.22 billion.

Then, Binance Coin increased 3.68% to $431.75 with a market capitalization of $71.82 billion and a 24-hour volume of $1.87 billion.

Also, Bitcoin Cash jumped 1.45% to $643.63 with a market capitalization of $12.08 billion and a 24-hour volume of $5.30 billion.

Moreover, Litecoin spiked 6.32% to $190.76 with a market capitalization of $12.67 billion and a 24-hour volume of $3.24 billion.

The same with Dogecoin which hopped 1.67% to $0.244. It has a market capitalization of $32.06 billion and a 24-hour volume of $1.05 billion.