BTC price drops to test $ 48,000 ‘stepping stone’ for potential new Bitcoin bull run

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Bitcoin (BTC) briefly fell below $ 50,000 to retest support on September 3 in a “critical” move to determine further bullishness.

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

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD tumbling to a low of $ 48,350 on Bitstamp overnight before recovering.

This level represents an important area to hold, trader and analyst Rekt Capital said Friday, and success will allow a strong attack on resistance at $ 51,000 and beyond.

“BTC is still retesting this blue diagonal as support,” he commented on an accompanying chart.

“BTC must successfully retest this blue diagonal as support if it is to reach ~ $ 51,000 next.” 1-day candle chart annotated BTC / USD (Coinbase). Source: Rekt Capital / Twitter

As Cointelegraph reported, beating this resistance should result in fairly quick BTC price gains given the lack of selling friction for much of the remaining $ 50,000 to $ 60,000 corridor.

“For me, Bitcoin has yet to break above that $ 51,000 level here for further bullish momentum,” Cointelegraph analyst Michal van de Poppe added on Thursday.

He noted that even though the BTC / USD forks, altcoins are expected to continue to benefit.

Bitcoin fundamentals back in vogue

Elsewhere, enthusiasm was booming about the underlying bullish measures that prevented Bitcoin’s latest price hike.

Related: Twitter to Allow Users to Add BTC and ETH Addresses to Profiles: Screenshots

On Friday, the focus was on the hash rate, the return of which virtually softened the impact of the rout of Chinese miners in May.

“Bitcoin’s hash rate recovery is perhaps the most bullish chart available today,” famed commentator Vijay Boyapati said.

“Not because price tracks the hash rate, but because it demonstrates the incredible resilience of the Bitcoin network, even against a nation-state attack.”

The hash rate, which joins the difficulty in continuing its upward trajectory, measured around 129.2 exahashs per second (EH / s) at the time of writing, already up 5 EH / s since the start of the week.

Bitcoin estimated the 7-day average hash rate graph. Source: Blockchain

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