If Bitcoin Price Holds $49K, it Will Have a ‘Phenomenal’ Weekly Close

If downward BTC pressure is absent, the final barrier for Bitcoin bulls this week might possibly balance out recent losses.

After the US Federal Reserve launched a run-up toward key resistance, Bitcoin (BTC) was trading at $49,000 on Aug. 28.

Image Source: CoinTelegraph

All eyes on $49,300 on the weekly chart

After breaking beyond the $49,000 mark late Friday, data from Cointelegraph Markets Pro and TradingView showed BTC/USD cooling at higher levels.

The end of the working week saw a favourable reaction to statements from Federal Reserve Chair Jerome Powell on asset purchases and inflation.

While reported by Cointelegraph, stocks soared to all-time highs as the US dollar fell, giving Bitcoin the opportunity to gain $1,500 in under an hour.

The tone heading into the weekend was far from negative, with speculation of a new “bullish impulse” move afoot on crypto markets.

“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.

Image Source: CoinTelegraph

“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.

Image Source: CoinTelegraph

Cardano bulls back in action as altcoins wake up

In the meantime, altcoins have largely benefited from Bitcoin’s resurgence.

The top ten cryptocurrencies by market cap witnessed robust 24-hour gains, with the exception of Binance Coin (BNB), which remained flat.

Cardano (ADA) bulls led the charge, with the ADA/USD pair gaining nearly 10% to $2.85, making up for much of the ground lost since hitting all-time highs. Solana (SOL) continued to rise after setting a new high.

Image Source: CoinTelegraph

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

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