Bitcoin (BTC) slipped back to $ 46,000 on August 14th after failing to break a key hurdle.
Bitcoin fails at $ 48,000
As the data from Cointelegraph Markets Pro and TradingView show, BTC / USD initially climbed further on Saturday before new selling pressure pushed the market-leading cryptocurrency back to its level on Friday.
As Cointelegraph had reported, massive selling pressure at $ 47,000 and beyond was already apparent in advance, but with steady gains during the week, Bitcoin had actually put itself in a good position to defy it.
After all, the “high wall” could be climbed up to halfway before BTC / USD ran out of breath and the downturn followed.
At the time of going to press, the price was $ 46,500, which creates a classic “Bart Simpson” in the price chart, based on the jagged hairstyle of the popular cartoon character.
“It’s nothing special, but quite normal for a weekend,” says Cointelegraph expert Michaël van de Poppe soberly about the situation summarizes. To this end, he adds:
“However, we have reached the strong resistance area of 47,000 – 49,000 US dollars, and since Bitcoin was unable to break it, I remain cautious for the time being.”
This caution is warranted as it would likely take substantial trading volume to sustain another rally and allow the jump above the resistance area. If, on the other hand, this is only supported by little purchasing power, things could just as quickly fall again.
The analyst Rekt Capital, meanwhile, points to the defense of the US $ 46,000 mark as the next important step, as this was only climbed a few days ago.
#BTC is now in the process of a retest attempt of its Ascending Triangle
A 4HR Close above the top of the triangle would be great (left chart)
– Rekt Capital (@rektcapital) August 14, 2021
Overall, however, the mood remains optimistic as the majority of the indicators continue to point to new gains.
Cardano gets rolling
With the Altcoins, Cardano (ADA) can continue to soar. A whopping 8% increase catapulted the top 50 cryptocurrency over $ 2.20 today.
After ADA / USD recently passed the psychologically important 2 US dollar mark, it is now the highest rate since the new record high of 2.50 US dollars in May.
The remaining altcoins are mostly moving sideways, the only notable exception is XRP with a strong plus of 13%, which pushes the Ripple crypto currency back to 1.20 US dollars.
The total market capitalization of all cryptocurrencies is now 1.97 trillion.