Bitcoin in line for ‘phenomenal’ weekly close if BTC price holds $49K
The final hurdle for Bitcoin bulls this week could still cancel out recent losses if downward BTC pressure stays away.
Bitcoin (BTC) held $49,000 on Aug. 28 after the United States Federal Reserve sparked a run-up toward critical resistance.
All eyes on $49,300 on the weekly chart
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD cooling at higher levels after cracking the $49,000 mark late Friday.
The end of the working week had seen a positive reaction to comments from Fed Chair Jerome Powell on tapering of asset purchases, as well as remarks on inflation.
As Cointelegraph reported, stocks surged to all-time highs, while the U.S. dollar weakened — Bitcoin made use of the opportunity and added $1,500 in under an hour.
With talk of a new “bullish impulse” move afoot on crypto markets, the mood into the weekend was thus far from bearish.
“If BTC is able to stay above the ~$49000 level for the rest of the week… It would set itself up for a phenomenal Weekly Close,” trader and analyst Rekt Capital summarized.
That weekly close had a solid chance of beating the last at the time of writing, with $49,300 the level to clinch for a multi-month high.
That would also place Bitcoin back in the tiny two-month window in which it closed above $49,000 on the weekly chart earlier this year.
“Should be pretty obvious where Bitcoin is heading,” popular Twitter account Ryan Cantering Clark added.
A look at buy and sell levels on major exchange Binance on the day meanwhile revealed a support line slowly building at around $48,800, forming a close stand-off with sellers just below $50,000.
Cardano bulls back in action as altcoins wake up
Altcoins meanwhile mostly benefited from renewed strength in Bitcoin.
Related: Price analysis 8/27: 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 cap saw solid 24-hour gains.
Cardano (ADA) bulls led the advance, ADA/USD climbing almost 10% to $2.85 and making up for much of its recently lost ground after hitting all-time highs. Solana (SOL) continued upwards after its own record high.
Ether (ETH) was at $3,240, having increased by a more modest 4% and still down 1.5% versus the same time last week.