- Bitcoin price sliced through crucial barriers, eyeing a retest of $52,920.
- Ethereum price vies to climb higher as bulls lock in on $4,000.
- Ripple price manages to hold above $1.05 support as bulls resurface.
Bitcoin price exuded bullishness over the past week as it continued to rally without significant corrections. As a result, Ethereum, Ripple and other altcoins have followed suit. Although the entire market looks bullish at the time of writing, things could turn awry if BTC witnessed a September 7-style crash.
Bitcoin price approaches stiff resistance barrier
Bitcoin price rose 12% over the past three days and is currently trading around $48,380. The resistance levels at $48,895 and $50,000 are major hurdles in bulls’ path. Therefore, the bulls need enough momentum to flip these blockades into support platforms for a smooth recovery to September 6 levels.
This move will push BTC into the Fair Value Gap (FVG) and suggest that the buyers might be vying for a retest of this range’s upper limit at $56,361. If this development is complete, it will represent a 16% ascent from the current position.
BTC/USDT 1-day chart
On the other hand, if BTC fails to maintain its buying pressure, a retracement to $46,833 seems likely. However, a breakdown of $44,705 will invalidate the bullish thesis.