Bitcoin Hits $47.1K As Altcoins Follow A Bullish Trend

gold-colored Bitcoin

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The current market charts of the crypto world show some substantial increases in price, especially in the top-performing assets. Bitcoin (BITCOMP) and Ethereum (ETH-X) have been on a long Bull run, and it seems like Cardano (ADA-X) and Binance Coin (BNB-X) are also following the course.

Bitcoin Bullish Trend

Bitcoin has, in the last two weeks, been on continuous price recovery. Currently, the coin is trading at nearly $47 thousand, which it reached in the past 24 hours. However, the coin immediately dropped back down, but it will likely surpass the $47 thousand level again soon.

A few days ago, Bitcoin surpassed one of its resistance levels, the $45 thousand mark, and according to analysts, it will face another bout of resistance at $48.9 thousand. The long-term resistance level is currently at $50 thousand. 

The trading volumes of Bitcoin in the past 24 hours, according to coinmarketcap, are surging. The volumes have increased 13%, showing that investor confidence is growing. If the confidence continues increasing, Bitcoin could easily surpass the $50 thousand long-term resistance and maybe hit the experts’ expectations of $100 thousand by the end of 2021.

Although the coin is gaining value, a downtrend could likely occur if the confidence in the coin reduces and the purchase volumes reduce. A slight reverse action could cause a more prolonged reverse action, driving the coin below its current supports at $45 thousand. The action could result in further corrections to $42.5 thousand.

Bitcoin’s increasing institutional adoption is one of the driving forces behind the current trends. As a result, a downtrend is currently possible but highly unlikely to occur. 

Ethereum Increasing Prices

Ethereum, like Bitcoin, is also experiencing a bullish trend that begun on Aug. 4. The coin continues to stand at second place in the CMC, with a unit price of around $3191. In the past 24 hours, Ethereum has made a slight price retracement of about 0.96%. 

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