Bitcoin cancels entire day’s BTC price dip with fresh push above $46K
It seems nothing can keep Bitcoin bulls down for long as lower levels dissipate overnight and $47,000 is back on the cards.
Bitcoin (BTC) staged yet another classic comeback on Friday as a day of losses abruptly flipped positive.
Bitcoin routs bears in classic style
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rising from below $44,000 to top $46,300 in hours.
Friday’s 5.5% gains erased the entire previous day’s downtrend, once again proving bulls’ staying power at price levels above $40,000.
“Well, hello Bitcoin,” Cointelegraph contributor Michaël van de Poppe summarized ahead of a YouTube update on the day.
The latest return to strength for Bitcoin coincided with fresh noise from the United States, where an increasing number of senators were taking issues with the language on cryptocurrency in the newly passed infrastructure bill.
Originally unamended, the bill must now have its cryptocurrency improved so as not to disadvantage the industry, lawmakers demanded.
BTC/USD had gained throughout the final stages of the bill’s passage, even shrugging off the initial lack of amendments.
At the same time, the President of Argentina, Alberto Fernández, revealed a willingness to adopt Bitcoin in the financially troubled country.
With positive headwinds back in play, so too was an attack on major resistance at the time of writing.
A look at buy and sell levels on major exchange Binance showed $47,000 as the definitive level to break for bulls, while a giant support wall had amassed at $41,000.
Ether price reclaims $3,000
Altcoins, meanwhile, likewise benefited from the Bitcoin move, with some of the top 50 by market capitalization capitalizing on weekly gains, which topped 40%.
Related: These 3 metrics suggest there’s still time for another ‘DeFi Summer’
The largest altcoin by market cap, Ether (ETH), was calmer, up 2.5% on the day to hover near $3,200 after briefly losing the $3,000 mark on Thursday.
The overall cryptocurrency market cap stood at $1.93 trillion on Friday, inching closer to reclaiming the $2-trillion support level after several months’ absence.
