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Bitcoin (BTC) remained near $ 50,000 on Tuesday as the bulls faced a classic resistance level.
Too late for “cheap” Bitcoin?
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD held the support levels needed for a bullish continuation through Tuesday.
The pair had plunged into the $ 48,000 range in the past 24 hours before exiting higher, with $ 49,000 keeping the level in line for further testing.
For trader and analyst Rekt Capital, the current behavior had a lot of historical context – Bitcoin’s first trip above $ 50,000 in February also put emphasis on the $ 48,000 to $ 49,000 area.
“BTC is still retesting this area in an uptrend, just as it did on both of those occasions earlier this year,” he said. commented next to a graph.
While Bitcoin’s failure to hold $ 50,000 immediately this time around had disappointed some, some analysts were clear that “bargain” BTC buying levels had already vanished.
“You had 3 months to accumulate cheap BTC. The fundamentals have only strengthened ”, William Clemente III argued.
“The market owes you no retreat at this time. “
Cardano leaves major altcoins in the dust
An average Bitcoin share, meanwhile, moved to most altcoins for the day, with only Cardano (ADA) being a notable exception to the rule.
Related: Bitcoin’s Bullish Cross on Weekly Chart Paints BTC Price Target of $ 225,000 If History Repeats Itself
Ether (ETH), Binance Coin (BNB) and XRP were virtually stationary over the past 24 hours as markets waited for new directional indices.
As Cointelegraph reported, the Federal Reserve’s next Jackson Hole summit – supposed to provide information on coronavirus policy – may well be that sentiment engine in the coming days.
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