$48,000 proves too much for BTC bulls Saturday as Cardano’s ADA hits $2.20 in a fresh show of strength.
Bitcoin (BTC) bounced at $46,000 support on Aug. 14 after an attempt to crack major resistance ended in rejection.
Bitcoin rejects at $48,000
As Cointelegraph reported, the area of seller pressure from $47,000 and upwards had been a formidable feature on the daily chart throughout the week, with Bitcoin taking several days to prepare its attack.
In the event, the wall was only partially broken before momentum ran out and BTC/USD returning to more familiar territory.
At the time of writing, BTC price action focused around $46,500, a classic “Bart Simpson” structure characterizing the past 24 hours’ movements.
“Nothing special about this move, it’s just typical for a weekend,” Cointelegraph contributor Michaël van de Poppe summarized.
“However, the heavy resistance zone was hit between $47-49K, and no breakthrough happened for Bitcoin. Remaining cautious.”
Suitable volume would be needed to sustain another run-up and flip fresh resistance levels to support — a breakout without that volume could ultimately fail and cost overly optimistic traders
Fellow trader and analyst Rekt Capital meanwhile eyed the forthcoming daily close for confirmation of the $46,000 support zone reached just a matter of 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
The mood nonetheless remained buoyant on Saturday as multiple signals pointed to the potential for continued upside.
The good times roll for Cardano
On altcoins, Cardano’s ADA token continued to impress among the top fifty cryptocurrencies by market cap, gaining 8% on the day to hit and pass $2.20.
After cementing $2 support, ADA/USD thus went on to hit its highest levels since mid May, when it came off $2.50 all-time highs amid a sea of change in Bitcoin.
Elsewhere, major altcoins were flat, with the exception of XRP, which delivered 13% daily gains to reach $1.20.
The overall cryptocurrency market cap stood at $1.97 trillion.