Bitcoin Online For 'Phenomenal' Weekly Close If BTC Price Holds $ 49,000

Bitcoin ( BTC ) held $ 49,000 on August 28 after the US Federal Reserve triggered a rise to critical resistance. 1 hour BTC / USD candle...


Bitcoin (BTC) held $ 49,000 on August 28 after the US Federal Reserve triggered a rise to critical resistance.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingView

All eyes on $ 49,300 on the weekly chart

Data Cointelegraph Markets Pro and TradingView showed BTC / USD cooling to higher levels after breaking through the $ 49,000 mark on Friday night.

The end of the work week had seen a positive reaction to comments from Fed Chairman Jerome Powell on reducing asset purchases, as well as comments on inflation.

Like Cointelegraph reported, stocks hit all-time highs as the US dollar weakened – Bitcoin took the opportunity and added $ 1,500 in less than an hour.

With talks of a new “bullish momentum” in the crypto markets, the mood for the weekend was therefore far from bearish.

“If BTC is able to stay above the level of around $ 49,000 for the rest of the week… That would set itself up for a phenomenal weekly close,” said trader and analyst Rekt Capital. abstract.

This weekly close had a solid chance to beat the last at the time of writing, with $ 49,300 per level reaching a multi-month high.

It would also put Bitcoin back into the tiny two-month window in which it closed above $ 49,000 on the weekly chart earlier this year.

1 week BTC / USD candle chart (Bitstamp). Source: TradingView

“It should be pretty obvious where Bitcoin is heading,” popular Ryan Cantering Clark Twitter account added.

A review of the buy and sell levels on the main Binance exchange that day revealed a slowly developing support line at around $ 48,800, forming a tight deadlock with sellers just below $ 50,000.

BTC / USD (Binance) buy and sell levels as of August 28. Source: Material Indicators / Twitter

Cardano bulls back in action as altcoins wake up

Altcoins have mainly benefited from the resurgence of Bitcoin.

Related: Price Analysis 08/27: BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, LUNA

With the exception of a flat Binance Coin (BNB), the top ten cryptocurrencies by market cap posted solid 24-hour gains.

Cardano (ADA) bulls led the advance, with the ADA / USD climbing nearly 10% to $ 2.85 and making up for much of its recently lost ground after hitting all-time highs. Solana (SOL) continued her ascent after her own record.

1-day ADA / USD candle chart (Binance). Source: TradingView

Ether (ETH) was at $ 3,240, after increasing 4% more modestly and still down 1.5% from the same period last week.