Bitcoin (BTC) climbed to $ 47,000 on Tuesday and was still in a range. But it indicated an attack on a large resistance.
Bitcoin volatility is falling
Data from Cointelegraph Markets Pro and TradingView showed the BTC / USD pair attempted to break above $ 46,000 on Tuesday after falling slightly earlier in the week.
The range between $ 45,000 and $ 48,000 served as a narrow trading corridor for Bitcoin. He is currently trying to overcome the final hurdle before $ 50,000. So far, however, the bulls have lacked the momentum to make greater progress.
Cointelegraph employee Michaël van de Poppe views the $ 48,000 mark on the day as an important level as a breakout above it could lead to another spike.
“If we break this clearly, it will likely trigger a large short squeeze as everyone in this area will want to open a short position,” van de Poppe said in a recent YouTube update.
“It reminds me of the $ 6,000 zone we had on Bitcoin. If Bitcoin breaks that level, I think we’ll see a squeeze that will take us to between $ 55,000 and $ 56,000. That is the next level that follows. “
The analyst Rekt Capita agreed that the upward trend of Bitcoin still has a lot of room for improvement despite the lack of momentum movement so far.
Though #BTC has failed to retest the top of the previous Ascending Triangle breakout structure …
It is still respecting this structure, finding support at the Higher Low trendline
– Rekt Capital (@rektcapital) August 17, 2021
Solana is still at the forefront when it comes to altcoin gains
The altcoins meanwhile followed the example of Bitcoin again and fluctuated. Most of the top 50 cryptocurrencies by market capitalization have tended to stagnate in the past 24 hours.
In this context: Why this Bitcoin bull run is different than it was in 2020
The most notable exception was Solana (SOL). This increased by 14 percent over the course of the day and thus increased by almost 80 percent over the week.
Ether (ETH) held above $ 3,200 and, like Bitcoin, has been in a tight range since the volatility in early August.