BTC is in line for ‘phenomenal’ weekly close if its price holds $49K. In like manner, BTC bulls could still overcome the final obstacle this week if downward pressure on BTC doesn’t materialize.
After the United States Federal Reserve ignited a run-up to critical resistance, Bitcoin (BTC) was able to reach $49,000 on Aug. 28.
This week’s chart is all about $49,300
As it surpassed the $49,000-mark late Friday, BTC/USD cooling at higher levels as illustrated by Cointelegraph Markets Pro and TradingView.
On the other hand, Fed Chair Jerome Powell’s comments on tapering of asset purchases and inflation in the final hours of the working week garnered a favourable response.
Significantly, with stocks rising to all-time highs, and the dollar weakening, Bitcoin was able to boost its price by $1,500 in just an hour.
Furthermore, Crypto markets began the weekend in a far more bullish mood, with talk of a new upcoming “bullish impulse” move.
Trader and analyst Rekt Capital emphasized that it can set itself up for a stellar Weekly Close if BTC can stay above $49,000 for the remainder of the week.
According to the data, the weekly close at $49,300 had a good chance of beating the previous high.
Additionally, Bitcoin would be back in the two-month window. In which it closed exceeding $49,000 on the weekly chart earlier this year.
Buy and sell levels on Binance, meanwhile revealed a support line climbing at around $48,800, creating a close market standoff with sellers at just beneath $50,000.
As altcoins gain momentum, Cardano bulls back in action
Altcoins mostly benefited from bitcoin’s resurgence.
In general, the top major cryptos acquired strong gains in 24-hour trading. Only Binance Coin (BNB) traded flat.
Into the bargain, bullish activity in Cardano (ADA) was the key factor that drove the advance, ADA/USD rising almost 10% to $2.85, recovering most of its recently lost ground after hitting all-time highs. Likewise, after reaching a record high, Solana (SOL) continued its upward trend.
Ether (ETH) was at $3,240 with a modest increase of 4% and a 1.5% loss compared to last week.