Bitcoin in line for ‘phenomenal’ weekly close if BTC price holds $49K

The final hurdle for Bitcoin bulls this week could still cancel out recent losses if downward BTC pressure stays away.

Bitcoin (BTC) held $49,000 on Aug. 28 after the United States Federal Reserve sparked a run-up toward critical resistance.

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

All eyes on $49,300 on the weekly chart

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD cooling at higher levels after cracking the $49,000 mark late Friday.

The end of the working week had seen a positive reaction to comments from Fed Chair Jerome Powell on tapering of asset purchases, as well as remarks on inflation.

As Cointelegraph reported, stocks surged to all-time highs, while the U.S. dollar weakened — Bitcoin made use of the opportunity and added $1,500 in under an hour.

With talk of a new “bullish impulse” move afoot on crypto markets, the mood into the weekend was thus far from bearish.

“If BTC is able to stay above the ~$49000 level for the rest of the week… It would set itself up for a phenomenal Weekly Close,” trader and analyst Rekt Capital summarized.

That weekly close had a solid chance of beating the last at the time of writing, with $49,300 the level to clinch for a multi-month high.

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

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

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

A look at buy and sell levels on major exchange Binance on the day meanwhile revealed a support line slowly building at around $48,800, forming a close stand-off with sellers just below $50,000.

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

Cardano bulls back in action as altcoins wake up

Altcoins meanwhile mostly benefited from renewed strength in Bitcoin.

Related: Price analysis 8/27: 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 saw solid 24-hour gains.

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

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

Ether (ETH) was at $3,240, having increased by a more modest 4% and still down 1.5% versus the same time last week.

Source: cointelegraph.com