Bitcoin holds $46K support after failed breakout, Cardano price passes $2.20

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

— 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.


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