Bitcoin (BTC) price fell below a weekly closing target critical on September 10 as analysis warned that its multi-week uptrend was in jeopardy.
BTC price remains $ 1,500 below crucial level
Data from Cointelegraph Markets Pro and TradingView showed that The BTC / USD pair was trading around $ 46,000 on Friday after rejecting the near $ 47,450 level the day before.
That level marks the lower limit of Bitcoin’s uptrend on the weekly chart., one that has continued since mid-July.
Now, the BTC / USD pair needs to get it back, says trader and analyst Rekt Capital, to preserve that trend.
#BTC bounces from Weekly support (blue)
However, it is still below the black Weekly Higher Low which represents a price of ~ $ 47400$ BTC needs to Weekly Close above the HL to retain the multi-week uptrend
– Rekt Capital (@rektcapital) September 10, 2021
The price of BTC bounces from the weekly support (blue). However, it is still below the black weekly low which represents a price of ~ $ 47,400. BTC needs to close weekly above the upper level to retain the multi-week uptrend. Right now, BTC is ~ $ 1,000 below the upper low.
Given that the price of Bitcoin is closer to $ 1,500 below the upper low target at the time of writing, Much work remains to be done over the weekend to ensure a more bullish close by the end of Sunday.
Tezos outperforms the rest
As for altcoins, a curious panorama occurred on Friday, since Investors mysteriously bought many Tezos (XTZ) tokens.
After the standard moves online with most major altcoins, The XTZ / USD pair suddenly started to climb, gaining 24% on the day to become the best performing cryptocurrency. The pair reached $ 6.53, its maximum since mid-May.
Meanwhile, the biggest altcoin Ether (ETH) bounced off established support against BTC in a move that had Cointelegraph contributor Michaël van de Poppe raving about it.
“I’m waiting for new highs”, forecast after the ETH / BTC pair reversed higher at 0.071.