The bullish trend in the cryptocurrency market gained momentum on Friday, with the market cap gaining 7.4 percent to reach $2.14 trillion as of 1305 hours GMT.
The price of bitcoin (BTC), the largest cryptocurrency, gained 9.46 percent to reach $47,065. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached $886.3 billion.
Likewise, ether (ETH) price went up by 7.92 percent to reach $3,206. With this increase in price, the market capitalisation of ETH has reached $376.2 billion.
Similarly, XRP price gained 8.64 percent to reach $1.02. The market capitalisation of XRP stands at $102.1 billion after this increase.
Similarly, cardano (ADA) price snapped gained 5.58 percent to reach $2.20. Its market capitalisation has reached $71.2 billion after this increase.
Following suit, dogecoin (Doge) price gained 6.19 percent to reach $0.213. With this increase in price, the market capitalisation of doge has reached $28 billion.
According to experts, Bitcoin (BTC) returned above $47,000 for the first time in two weeks, indicating strong demand from short-term buyers. The next level of resistance is seen at $50,000 where some profit taking occurred in early September.
Technical indicators show improving upside momentum on the daily chart, which is the first positive reading since July. This means the intermediate-term uptrend is stabilising, albeit within a range of $40,000 support and $50,000 resistance.
The relative strength index (RSI) is not yet overbought on the daily chart, which could keep buyers active over the short-term. On the weekly chart, the RSI is neutral, and upside momentum remains weak. This suggests a period of consolidation could persist below the $50,000-$55,000 resistance range, according to experts.
They said the buyers defended support around $40,000 over the past few days, which is also where a price breakout occurred on August 6. Further, BTC is back above the 200-day moving average, which provides an advantage for buyers aiming to return on pullbacks, they added.
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