Bitcoin Price Rebounded Higher after Bears Dragged its Gains

Bitcoin Price Rebounded Higher after Bears Dragged its Gains

On Friday, September 17, Bitcoin rebounded higher after bears pulled down yesterday’s gain. This made some cryptocurrencies’ prices fall but some held tight on their gains.

The world’s largest cryptocurrency by market cap rose 0.75% to $47,961.59 with a 24-hour change of $357.35.

Currently, Bitcoin has a market capitalization of $903.04 billion. Then, it has a 24-hour volume of $30.98 billion and a low of $47,047.98 and a high of $48,485.80.

Earlier, BTC gained a steady pace following its clearing of the $47,000 resistance level

It even transcended the resistance zone of $48,000 and the 100 hourly simple moving average. Then, the price climbed as high as $48,481. 

However, the bears became active in just about the area of $,48,500 where they created a downside correction. This resulted in a break under the levels of $48,000 and 47,800.

Bitcoin even shattered the 23.60% Fibonacci retracement level of the uptrend motion to a high of $48,481 from a low of $43,374.

Moreover, it established a foundation near the level of $47,200 and there were no downtrend proceeds. This resulted in a new rise over the $47,500 level.

In addition, there was a layoff above a short-term falling channel with a resistance close to $47,800 on the BTC/USD hourly chart.

An analyst stated that a swift upside resistance is near the level of $48,00. Now, the first major resistance is about the $48,500 level.

He added that Bitcoin must clear the zone of $48,500 to make another increase. Additionally, it could easily rise to the key resistance of $50,000 if there will be a break over $48,500.

Crypto Mixed as Bitcoin Bounced Off Higher

Furthermore, altcoins were mixed following Bitcoin’s up and down movement.

Ethereum hopped 0.56% to $3,559.10 with a market capitalization of $419.91 billion and a 24-hour volume of $19.60 billion.

Likewise, Dogecoin jumped 1.26% to $0.25 with a market capitalization of $32.14 billion and a 24-hour volume of $1.14 billion.

Consequently, Bitcoin Cash improved 0.03% to $638.68 with a market capitalization of $12.08 billion and a 24-hour volume of $5.29 billion.

On other hand, Litecoin crashed 1.20% to $185.89 with a market capitalization of $12.42 billion and a 24-hour volume of $3.95 billion.

Also, Uniswap fluctuated 4.14% to $25.71 with a market capitalization of $15.74 billion and a 24-hour volume of $607.07 million.