Bitcoin (BTC) bounced at $46,000 support on Aug. 14 after an attempt to crack major resistance ended in rejection.
BTC/USD 1-hour price chart (Bitstamp). Source: TradingView
Bitcoin rejects at $48,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rising to tackle a giant sell wall during Saturday, only to reverse downwards to Friday’s levels.
As Cointelegraph reported, the area of seller pressure from $47,000 and upwards had been a formidable feature on the daily chart throughout the week, with Bitcoin (
$26,599.00 ) taking several days to prepare its attack.
In the event, the wall was only partially broken before momentum ran out and BTC/USD returning to more familiar territory.
At the time of writing, BTC price action focused around $46,500, a classic “Bart Simpson” structure characterizing the past 24 hours’ movements.
“Nothing special about this move, it’s just typical for a weekend,” Cointelegraph contributor Michaël van de Poppe summarized.
“However, the heavy resistance zone was hit between $47-49K, and no breakthrough happened for Bitcoin. Remaining cautious.”
Suitable volume would be needed to sustain another run-up and flip fresh resistance levels to support — a breakout without that volume could ultimately fail and cost overly optimistic traders
Fellow trader and analyst Rekt Capital meanwhile eyed the forthcoming daily close for confirmation of the $46,000 support zone reached just a matter of days ago.
#BTC is now in the process of a retest attempt of its Ascending Triangle
A 4HR Close above the top of the triangle would be great (left chart)
Ultimately though, a Daily Close will be most important in confirming the recent breakout (right chart)$BTC #Crypto #Bitcoin https://t.co/jZGfijA4K0 pic.twitter.com/KZQZyA0HeK
— Rekt Capital (@rektcapital) August 14, 2021
The mood nonetheless remained buoyant on Saturday as multiple signals pointed to the potential for continued upside.
The good times roll for Cardano
On altcoins, Cardano’s ADA (
$0.00 ) ( $0.00 ) ( $0.00 ) token continued to impress among the top fifty cryptocurrencies by market cap, gaining 8% on the day to hit and pass $2.20.
Related: Price analysis 8/13: BTC, ETH, BNB (
$0.00 ) , ADA ( $0.00 ) , XRP (
$0.00 ) , DOGE, DOT, UNI, SOL, LTC
After cementing $2 support, ADA ( $0.00 ) /USD thus went on to hit its highest levels since mid May, when it came off $2.50 all-time highs amid a sea of change in Bitcoin.
ADA/USD 1-day candle chart (Binance). Source: TradingView
Elsewhere, major altcoins were flat, with the exception of XRP ( $0.00 ) , which delivered 13% daily gains to reach $1.20.
The overall cryptocurrency market cap stood at $1.97 trillion.
