Bitcoin in line for “phenomenal” weekly close when BTC price holds $ 49,000

Bitcoin (BTC) held $ 49,000 on Aug. 28 after the Federal Reserve sparked critical resistance.

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

All eyes on $ 49,300 on the weekly chart

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD is cooling at higher levels after breaking the $ 49,000 mark late Friday.

At the end of the working week, Fed chairman Jerome Powell’s comments on tapering bond purchases and comments on inflation had been positively received.

As Cointelegraph reported, stocks rose to all-time highs while the US dollar weakened – Bitcoin took the opportunity and added $ 1,500 in less than an hour.

With the talk of a new “bullish impulse” on the crypto markets, the mood up to the weekend was anything but bearish.

“If BTC can stay above the ~ $ 49,000 level for the rest of the week … It would set for a phenomenal weekly close,” summarized trader and analyst Rekt Capital.

That week’s close had a solid chance to beat the last at the time of writing, at $ 49,300, the level to hit a multi-month high.

This would also put Bitcoin back into the tiny two-month window in which it closed above $ 49,000 on the weekly chart earlier this year.

BTC / USD 1-week candle chart (Bitstamp). Source: TradingView

“Should be pretty obvious where Bitcoin is going,” added Ryan Cantering Clark, a popular Twitter account.

Meanwhile, a look at the buy and sell levels on the big Binance exchange that day showed a support line slowly building at around $ 48,800 and creating a close stalemate with sellers just below $ 50,000.

BTC / USD buy and sell level (Binance) as of August 28th. Source: Material Indicators / Twitter

Cardano cops back in action as altcoins wake up

Altcoins, meanwhile, benefited mainly from the renewed strength of Bitcoin.

Related: Price analysis 08/27: BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, LUNA

With the exception of a flat Binance Coin (BNB), the top ten cryptocurrencies by market capitalization posted solid 24-hour gains.

The Cardano bulls (ADA) led the advance, ADA / USD climbing nearly 10% to $ 2.85, making up much of its recently lost ground after hitting an all-time high. Solana (SOL) continued its upward trend after its own record high.

ADA / USD 1-day candle chart. Source: TradingView

Ether (ETH) was at $ 3,240 after up a more modest 4% and still down 1.5% from the same point in time last week.

Comments are closed.