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HomeNewsOn the up again - Bitcoin is climbing back above $ 46,000

On the up again – Bitcoin is climbing back above $ 46,000

Bitcoin (BTC) made a strong comeback on August 13th, leveling off the losses from the previous day.

Bitcoin price chart (Bitstamp). Source: TradingView

Bitcoin is recovering quickly

As data from Cointelegraph Markets Pro and TradingView show, BTC / USD has climbed from below $ 44,000 back to an intermittent high of $ 46,300.

That 5.5% gain on Friday morning is making up for yesterday’s downturn, and Bitcoin investors are proving once again that they are vigorously defending the $ 40,000.

“Good old Bitcoin”, like Cointelegraph expert MichaĆ«l van de Poppe, the return to form commented.

A driving force for the gain could be new reports from American politics, according to which the controversial passages on the tax regulation of cryptocurrencies are to be deleted or changed from the bill to promote the infrastructure.

The requested changes provide that the crypto industry must not be disadvantaged by the new law.

BTC / USD has increased noticeably in the final hours of negotiation of the draft, although the corresponding changes have not yet been finalized.

The President of Argentina recently announced that the inflation-ridden country could possibly introduce Bitcoin as a means of payment in the future.

The positive news catapults the market-leading cryptocurrency with a tailwind in the direction of the next major resistance.

Like Binance’s trading data show, is the next major hurdle to overcome at $ 47,000, while there is significant support at $ 41,000.

BTC / USD buy and sell levels (Binance) as of Aug. 13. Source: Material Indicators / Twitter

Ether back over $ 3,000

The altcoins are also drawn by the strength of the market leader, so the “alternative crypto currencies” in its slipstream were able to gain more than 40% over the week.

For Ether (ETH), the gains of 2.5% were not nearly as high, but at least the second largest crypto currency was able to soar back above the 3,000 US dollar mark.

Ether stock chart (Bitstamp). Source: TradingView

The total market capitalization of all cryptocurrencies is currently 1.93 trillion. US dollars, which brings us back to the important barrier of 2 trillion. US dollars.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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