Market Analysis

Bitcoin targets $51K ‘final resistance’ as ETH nears $4K for the first time since May

It’s all systems go for cracking “final hurdle” resistance for both Bitcoin and Ether as the weekend nears.

Bitcoin (BTC) passed $50,500 later on Friday as a return to the $50,000 mark put bulls firmly back on the scene.

Bitcoin targets $51K ‘final resistance’ as ETH nears $4K for the first time since May

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin lines up a $51,000 offensive

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining ground after dipping to $48,300 lows overnight.

An important retest, Bitcoin price action then reversed upward, giving hope that $50,000 may now be able to cement itself as support.

Should that happen and $51,000 resistance fades, the chances favor an impulse move to the upside, Cointelegraph contributing analyst Michaël van de Poppe said.

“The moment that Bitcoin is breaking out of this $51,000 level, the chances are that we just get one vertical candle towards $58,000, or even $60,000,” he predicted in his latest YouTube update.

He added that under that scenario, altcoins, which this week have gained considerably, may lose out heavily against BTC.

Read more:  Bitcoin hits $57K in surprise surge to almost erase April BTC price crash

A look at buy and sell levels on major exchange Binance, meanwhile, highlighted the last remaining major resistance level nearby at $51,000, with support in place at $47,000.

Bitcoin targets $51K ‘final resistance’ as ETH nears $4K for the first time since May

BTC/USD buy and sell levels (Binance) as of Sept. 3. Source: Material Indicators/Twitter

Ether closes in on $4,000

On altcoins, Ether (ETH) stood out with an attack on $4,000 — a level it has not touched since May.

Related: Solana extends rally with another new high — Why is SOL price up by 70% in one week?

The largest altcoin gained another 5% Friday, putting it within $400 of historical all-time highs.

Bitcoin targets $51K ‘final resistance’ as ETH nears $4K for the first time since May

ETH/USD 1-day candle chart (Bitstamp). Source: TradingView

Solana (SOL), meanwhile, was the leader in the top 10 cryptocurrencies by market capitalization, climbing 20% on the day to top $140.

In so doing, SOL supplanted Dogecoin (DOGE) as the seventh-largest cryptocurrency.

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