Bitcoin (BTC) hit lows below $ 45,600 on Aug. 15 when a second installment of its resistance rejection was played off.
Analysts eye BTC attack at all-time highs
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD gave up $ 46,000 overnight on Saturday after a previous failed breakout.
As Cointelegraph reported, the cops ran out of breath during an attack on a large selling wall that was holding back Bitcoin from $ 50,000.
The U-turn sparked a more fragile sentiment for Sunday, with daily losses standing at 4% at the time of writing.
“For me, this area is the biggest boss and the hurdle that has to be climbed,” warned the popular Twitter retailer Pentoshi and took an optimistic view of higher time frames.
BTC / USD, he added, has almost completed preparations for another match of all-time highs in a zone above the resistance at USD 50,000 and above.
“I still believe there will be a short-term LH on the mic for now before we go up.”
The trade colleague, analyst and Cointelegraph employee Michaël van de Poppe also indicated that there may soon be a longer-term settlement moment.
“Bitcoin is within the higher timeframe resistance,” he tweeted on Saturday.
“Next week will be the important week, I think.”
Buy and sell levels on the major exchange, Binance, indicated that the $ 48,000 sellers were still firmly in place, with support piling up at $ 45,000 after the modest drop.
Cardano cools down big rally
The bitcoin had a noticeable domino effect among the big altcoins.
Related: XRP chart triggers sell-off warning after price exploded 54% in a week
While many of the fiftieth cryptocurrencies by market capitalization either left or posted poor 24-hour gains, the top five all lost in lockstep with BTC.
Cardano’s ADA token, which stood out alongside XRP at the start of the weekend, hit a multi-month high, hitting $ 2.10.
“Would I buy Cardano here? No,” warned Van de Poppe before submerging.
“Do I expect Cardano to appreciate in value in the coming months / years? Yes.”
Market participants continue to expect that altcoin opportunities will increase in the coming months, particularly with a focus on DeFi tokens.