Bitcoin Rose to $47K as Ethereum Lost Momentum

On Monday, October 04, Bitcoin rose to $47 while Ethereum lost momentum and tumbled. This made cryptocurrencies mixed as some prices climbed and some fell.

The world’s largest cryptocurrency by market cap jumped 0.26% to $47,779.05 with a 24-hour change of $122.75.

Currently, Bitcoin has a market capitalization of $899.81 billion. It has a 24-hour volume of $609.35 million with a $47,403.70 low and a 49,214.85 high.

In early trading, the price began a robust increase beyond the resistance level of $45,000.00.

Then, it cleared the $46,500.00 resistance zone and concluded above the 100 hourly simple moving average.

This was followed by a price pumped over the resistance level of $47,500.00 as bulls gained their strength.

Bitcoin even broke the $48,800 level and traded to a $49,257.00 high, Now, it is correcting lower and trading beneath 48,500 and its prompt foundation on the downside is close to $47,500.00.

Moreover, BTC is trading well above the 23.60% Fibonacci retracement level of the previous rally to $49,257.00 high from $40,890.00 low.

Also, there is a key bullish trend line establishing with support just about the $47,000.00 area based on the BTC/USD pair hourly chart.

On the positive side, the immediate resistance is close to the level of $48,000.00. Bitcoin’s first major resistance is near $48,500 wherein the price could return to $49,250.00.

An analyst stated that it could spike a new decline correction if the price fails to break the resistance zone of $48,500.00.

If so, Bitcoin’s immediate support on the downside is close to $47,500.00. Then, a break under the support trend line could push the price to $46,500.00.

Crypto Mixed as Bitcoin Rose

Meanwhile, Ethereum lost 1.40% to $3,345.30 with a market capitalization of $395.13 billion and a 24-hour volume of $14.99 billion.

Likewise, Cardano decreased 2.29% or $2.18 with a market capitalization of $70.22 billion and a 24-hour volume of $2.26 billion.

Consequently, Binance Coin fluctuated 2.12% to $413.93. It has a market capitalization of $70.02 billion and a 24-hour volume of $1.45 billion.

On the other hand, Bitcoin Cash jumped 0.31% to $549.71. It has a market capitalization of $10.45 billion and a 24-hour volume of $1.31 billion.

Also, Axie Infinity spiked 27.58% to $137.81 with a market capitalization of $8.51 billion and a 24-hour volume of $3.23 billion.

In addition, Dogecoin hopped 0.13% to $0.22 with a market capitalization of $28.71 billion and a 24-hour volume of $1.20 billion.