Bitcoin (BTC) hit lows of less than $ 45,600 on August 15 when a second delivery of its rejection developed on resistance.
Analysts predict a scramble for all-time highs
Data from Cointelegraph Markets Pro and TradingView showed that the BTC USD pair gave up the $ 46,000 level overnight on Saturday after a previous failed breakout.
As Cointelegraph reported, the bulls had run out of steam during an attack on a major selling wall holding Bitcoin back from $ 50,000.
The U-turn caused a more fragile mood for Sunday, with daily losses at 4% at the time of writing.
“This area is for me the main boss and obstacle to climb”, warned popular Twitter trader Pentoshi, taking a bullish view on higher time frames.
The BTC / USD pair, he added, had almost completed preparation for a rematch of its all-time highs in a zone above resistance at $ 50,000 and above.
“I still believe that for now it will be short-term LH at the micro level before we go through that upper range.”
Cointelegraph trader, analyst and contributor Michaël van de Poppe also hinted that a longer-term reckoning moment could appear soon.
“Bitcoin is within the highest temporary resistance”, tweeted Saturday.
“Next week will be the important week, I think.”
The buy and sell levels The major exchange Binance showed that sellers at $ 48,000 were still firmly in place, with support accumulated at $ 45,000 after the modest stretch down.
Cardano cools the big rally
Bitcoin had a notable ripple effect among the major altcoins.
While many of the top fifty cryptocurrencies by market cap were canceled or saw weak 24-hour gains, the top five missed the mark with BTC.
Cardano’s ADA token, The most prominent along with XRP when the weekend started, broke out of multi-month highs to circle $ 2.10.
“Would I buy Cardano here? No”, warned Van de Poppe before the fall.
“Do I expect Cardano to be gaining value in the next few months / years? Yes.”
Market participants continue to expect altcoin opportunities to increase in the coming months, with a focus on DeFi tokens in particular.