Bitcoin (BTC) bounced off a support at $ 46,000 on August 14 after an attempt to break through a major resistance ended in rejection.
Bitcoin rejects the $ 48,000 level
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair rose to face a giant selling wall on Saturday, only to retreat to Friday’s levels.
As Cointelegraph reported, The seller pressure area from $ 47,000 and up had been a formidable feature on the daily chart all week, and it took Bitcoin several days to prepare for its attack.
In the event, the wall was only partially broken before the momentum ran out and the BTC / USD pair returned to more familiar territory.
At the time of writing this article, BTC’s price action was centered around $ 46,500, a classic “Bart Simpson” structure that characterizes the movements of the last 24 hours.
“There is nothing special in this movement, it is typical of a weekend”, summarized Cointelegraph contributor Michaël van de Poppe.
“However, the strong resistance zone was hit between $ 47-49K, and there was no breakthrough for Bitcoin. Remaining cautious.”
Adequate volume would be needed to sustain another rally and shift new resistance levels to support – a breakout without that volume could eventually fail and cost overly optimistic traders.
Meanwhile, trader and analyst Rekt Capital watched the upcoming daily close to confirm the $ 46,000 support zone reached just a few 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)
– Rekt Capital (@rektcapital) August 14, 2021
Nonetheless, the mood remained upbeat on Saturday as multiple signs pointed to the possibility of a continued upside.
The good times continue for Cardano
In altcoins, Cardano’s ADA token continued to impress among the top fifty cryptocurrencies by market capitalization, gaining 8% on the day to hit and pass $ 2.20.
After consolidating the support at $ 2, The ADA / USD pair reached its highest levels since mid-May, when it turned down from all-time highs of $ 2.50 amid a sea of Bitcoin swings.
Elsewhere, major altcoins were flat, with the exception of XRP, which generated daily gains of 13% to hit $ 1.20.
The overall cryptocurrency market capitalization stood at $ 1.97 trillion.