Bitcoin News

Bitcoin (BTC) saw lows of under $45,600 on Aug. 15 as a second instalment of its resistance rejection played out. 

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

Analysts eye BTC attack on all-time highs

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD giving up $46,000 overnight on Saturday after an earlier failed breakout. 

As Cointelegraph reported, bulls had run out of steam during an attack on a major sell wall holding Bitcoin back from $50,000.

The U-turn sparked a more fragile mood for Sunday, with daily losses sitting at 4% at the time of writing.

“This area is to me the major boss and hurdle to climb,” popular Twitter trader Pentoshi warned, adopting a bullish view on higher timeframes.

BTC/USD, he added, had almost completed preparation for a rematch of all-time highs in a zone above resistance at $50,000 and higher.

“I still believe for now it will be a Short term LH on the micro before we go for that upper range.”

Fellow trader, analyst and Cointelegraph contributor Michaël van de Poppe likewise hinted about a longer-term moment of reckoning potentially appearing soon.

“Bitcoin is inside the higher timeframe resistance,” he tweeted Saturday.

“Next week will be the important week, I think.”

Buy and sell levels on major exchange Binance showed the $48,000 sellers still firmly in place, with support amassing at $45,000 after the modest leg down.

BTC/USD buy and sell levels (Binance) as of Aug. 15. Source: Material Indicators/ Twitter

Cardano cools major rally

The Bitcoin had a conspicuous knock-on effect among major altcoins.

Related: XRP chart triggers sell-off warning after price explodes by 54% in one week

While many in the top-fifty cryptocurrencies by market cap either canceled out or saw weak 24-hour gains, the top five all lost in step with BTC.

Cardano’s ADA token, the standout along with XRP as the weekend began, came off multi-month highs to circle $2.10.

“Would I be buying Cardano here? No,” Van de Poppe cautioned prior to the dip.

“Do I expect Cardano to be gaining value in the coming months/years? Yes.”

Market participants continue to expect altcoin opportunities to increase in the coming months, with a focus on DeFi tokens in particular.

Products You May Like

Articles You May Like

Grandpa Secret Tokens Crypto in Medicine
As Markets Turn Red, Senator Pat Toomey Calls China’s Crypto Crackdown ‘Big Opportunity’ for the US – The Daily Hodl
Bitcoin bulls make a run on $45K after Twitter debuts crypto tipping
Bitcoin mining estimated to represent 0.9% of global carbon emissions in 2030
Fraudsters Running Crypto Giveaway Scam Hack Bitcoin Creator’s Website – The Daily Hodl
$16B charity provider enables Bitcoin donations via The Giving Block

Leave a Reply

Your email address will not be published. Required fields are marked *