The rally that had sent Bitcoin’s price back above $50,000 U.S. is running out of steam.
The price of the largest cryptocurrency is down to $47,231 in pre-market trading Friday (August 27) after closing above $50,000 U.S. at the start of the week. Other digital tokens such as Ethereum have also retreated along with the broader cryptocurrency market over the past few days.
Bitcoin has rallied 60% higher since hitting a July low under $30,000 per coin. However, Bitcoin now faces a zone of resistance from $50,000 U.S. to $51,000 U.S. A key threshold to watch is the $46,000 U.S. level, according to technical charts. Cryptocurrency experts say Bitcoin could find support levels right around its current price of $47,000 U.S.
The recovery in Bitcoin had come as cryptocurrencies continue to gain mainstream acceptance. PayPal (NASDAQ:PYPL) said recently it would allow customers in the United Kingdom to buy, sell and hold digital currencies and expand its cryptocurrency services outside of the United States.
And U.S.-based MicroStrategy disclosed earlier this week that it had bought 3,907 Bitcoins for $177 million U.S., or $45,294 U.S. per coin, between July 1 and August 23.
