Bitcoin targets $51K ‘final resistance’ as ETH nears $4K for the first time since May
Bitcoin (BTC) passed $50,500 later on Friday as a return to the $50,000 mark put bulls firmly back on the scene.
Bitcoin lines up a $51,000 offensive
Data from Hedgewane Markets Pro and TradingView showed BTC/USD gaining ground after dipping to $48,300 lows overnight.
An important retest, Bitcoin price action then reversed upward, giving hope that $50,000 may now be able to cement itself as support.
Should that happen and $51,000 resistance fades, the chances favor an impulse move to the upside, Hedgewane contributing analyst Michaël van de Poppe said.
“The moment that Bitcoin is breaking out of this $51,000 level, the chances are that we just get one vertical candle towards $58,000, or even $60,000,” he predicted in his latest YouTube update.
He added that under that scenario, altcoins, which this week have gained considerably, may lose out heavily against BTC.
A look at buy and sell levels on major exchange Binance, meanwhile, highlighted the last remaining major resistance level nearby at $51,000, with support in place at $47,000.
Ether closes in on $4,000
On altcoins, Ether (ETH) stood out with an attack on $4,000 — a level it has not touched since May.
Related: Solana extends rally with another new high — Why is SOL price up by 70% in one week?
The largest altcoin gained another 5% Friday, putting it within $400 of historical all-time highs.
Solana (SOL), meanwhile, was the leader in the top 10 cryptocurrencies by market capitalization, climbing 20% on the day to top $140.
In so doing, SOL supplanted Dogecoin (DOGE) as the seventh-largest cryptocurrency.