Cryptocurrency

Bitcoin price hits $48,000 again

Bitcoin hit a record-high above $43,000 on Monday after electric carmaker Tesla invested $1.5 billion in the digital currency.

Bitcoin (BTC) quickly returned to $48,000 during Sept. 15 as BTC/USD continued on the path to a $50,000 retest.

The largest cryptocurrency was tracked as it beat out thin resistance above $47,000 to zone in on psychologically significant higher levels.

$47,000 had been a substantial gain for bulls, with resistance then shifting up towards the $50,000 mark, an area which should come next, analysts say.

“Right now, we are looking at a potential breakout above the range high,” Michaël van de Poppe said in his latest YouTube update earlier on the day.

Van de Poppe revealed that he was uncertain about such a breakout happening at this stage, but if it were to happen, a $50,000 retest would be “pretty significant.”

“That’s the final hurdle before we’re going to have an actual new all-time high, in my opinion,” he added about flipping then retesting $50,000 as support.

A look at the latest buy and sell positions on major exchange Binance confirmed the increasing resistance wall beyond the $40,000-50,000 corridor.

Altcoins were also in a broadly celebratory mood Wednesday, with Cardano (ADA) and Binance Coin (BNB) both seeing gains in excess of 6%.

The best performers in the top ten cryptocurrencies, the two tokens outshined the previously buoyant Polkadot (DOT), which conversely lost 4% on the day.

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