Bitcoin (BTC) was able to convert a temporary decline immediately into a new upswing on Friday, which is positive for the further course development.
Bitcoin on the rise
As the data from Cointelegraph Markets Pro and TradingView show, BTC / USD was able to reach a temporary high of 47,415 US dollars on Bitstamp in the morning hours.
One of the reasons for this surge is probably the news that the large American bank Wells Fargo is planning to launch its own Bitcoin investment fund. This resulted in a gain of a little more than 5% for the market-leading cryptocurrency in the last 24 hours.
However, at $ 47,000, the upswing encounters resistance, which initially prevents any further soaring.
Meanwhile, crypto analyst Rekt Capital points to the $ 44,000- $ 46,500 range as crucial support that needs to be held in order to maintain the upward surge.
“Bitcoin was able to close successfully above the orange area, as a result of which the price has climbed back to a lower low (black line)”, as he said with a look at the associated price chart (see below) explained. And further:
“Bitcoin could be rejected here next and temporarily slide back down to the orange support area to test it.”
The subsequent downturn below 47,000 US dollars was accordingly short-lived, which is “a good sign” for further price development.
Even the current report that the market-leading crypto exchange will now proceed more strictly when verifying customer information did not dampen the positive mood.
And the strong US dollar, which usually exerts downward pressure on the Bitcoin price, has so far remained ineffective.
“Bitcoin is surprisingly strong at the moment, even though the US dollar is on the rise,” says trader Crypto Ed notices.
Cardano continues to fly high
The altcoins are meanwhile being pulled by the market leader, with Cardano (ADA) once again outperforming the class leader Ether (ETH).
While the latter comes to a proud daily profit of over 6%, Cardano has a whopping 18% on the table, which results in a new record high of more than 2.50 US dollars.
In turn, XRP and Polkadot (DOT) each achieved a plus of 10%.
The total market capitalization is currently more than 2 trillion. U.S. dollar.