Bitcoin (BTC) slipped back below the psychologically important US $ 50,000 mark on Friday, which is why the next directional movement is all the more important for further price development.
As Cointelegraph Markets Pro and TradingView show, BTC / USD temporarily fell to a low of 48,350 US dollars during the night before the price recovered slightly.
Accordingly, the market-leading cryptocurrency is now at a crossroads, because if Bitcoin can hold up here, an attack on the US $ 51,000 mark and beyond is possible.
“BTC is currently trying to establish the blue line as support”, as the crypto expert Rekt Capital with reference to an associated price chart explained (see below). He adds:
“BTC has to consolidate the diagonal blue line as a support so that the next step can be to jump to $ 51,000 and more.”
As Cointelegraph had reported, a jump above the latter mark could provide further gains, as there is otherwise hardly any significant selling pressure in the price range between 50,000 and 60,000 US dollars.
“For me, Bitcoin still has to crack the US $ 51,000 mark so that the current tailwind can be maintained,” said Cointelegraph expert Michaël van de Poppe on Thursday.
To this end, he added that at least the altcoins would benefit if the market leader initially only stayed in the price range.
Bitcoin full of juice again
Other crypto experts, on the other hand, point to the strong fundamentals that underpin Bitcoin’s recent soaring.
On Friday, the focus was above all on the hashrate, because the computing power of the Bitcoin network has now almost completely digested the blow by the Chinese government against the domestic mining industry in May.
“Bitcoin’s hashrate recovery is probably the best news today,” Vijay Boyapati said notices. And further:
“And not because the price development follows the hashrate, but because it shows the resilience of the Bitcoin network, which does not buckle even in the face of a large state government.”
The hashrate is now back at a value of 129.2 exahashes per second (EH / s), which means an increase of 5 EH / s this week. The mining difficulty, i.e. the degree of difficulty for mining, has therefore risen noticeably again recently.