On Monday, September 6, Bitcoin price surpassed the $50K level and rose to $51.6K and Ethereum continued to rally and reached $3.9K. This resulted in the rise of altcoins.
The world’s largest cryptocurrency is trading at $51,616.36 jumping 3.70% with a 24-hour change of $1,843.95.
Currently, Bitcoin has a market capitalization of $970.77 billion. Also, it has a 24-hour volume of $751.66 million with a low of $49,516.50 and a high of $51,950.
An analyst stated that Bitcoin created a support base close to the $49,500 level and began a new increase.
Additionally, Bitcoin broke the key resistance zone of $50,000 and the 100 hourly simple moving average moving in a positive direction.
Also, there was a split over a major bearish trend zone with a resistance of just about $50,000. This is based on the BTC/USD pair hourly graph.
The pair boosted higher nicely over the levels of $51,000 and $51,500. Moreover, it traded near $52,000 and formed a peak level close to $51,950.
Now, Bitcoin is consolidating under the resistance zone of $52,000 with initial support next to the level of $51,500.
Based on the analysis, BTC’s next support could be the 23.60% Fibonacci retracement level of the uptrend movement. It is from the swing low of $49,512 to the high of $51,950.
Consequently, Bitcoin’s main support is now establishing near the level of $50,600.
Another analyst said that this is neat to the $50% Fibonacci retracement level of the ascending move. It is from the swing low of $49,512 to a high of $51,950.
He added that if there is a descending break under the support zone of $50,600, the price of Bitcoin could widen its fall.
Crypto Up as Bitcoin Rises
Furthermore, Ethereum continued its rally and increased 1.51% to $3,906.21 with a 24-hour change of $58.14.
Then, it has a market capitalization of 457.79 billion and it has a 24-hour volume of $608.19 million.
Also, XRP soared 6.02% to $1.32 with a 24-hour change of $0.07. It has a market capitalization of $132.16 billion and a 24-hour volume of $4.15 billion.
Likewise, Bitcoin Cash smashed 6.02% to $743.08 with a 24-hour change of $42.26. It has a market capitalization of $14.00 billion and a 24-hour volume of $5.28 billion.
The same with Dogecoin which rose 4.10% to $0.31 with a 24-hour change of $0.01. It has a market capitalization of $40.64 billion and a 24-hour volume of $2.12 billion.