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Bitcoin at known resistance again: strong decline rather unlikely

Bitcoin (BTC) held very close to the $ 50,000 mark on Tuesday. So it is due to a well-known resistance.

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

Too late for “dirt cheap” Bitcoin?

Data from Cointelegraph Markets Pro and TradingView show that the BTC / USD pair held important supports on Tuesday.

The pair fell to $ 48,000 in the past 24 hours and then bounced back. However, it is currently back at just over $ 48,000.

The trader and analyst Rekt Capital sees a connection with the current behavior: When Bitcoin climbed above $ 50,000 for the first time in February, the range between $ 48,000 and $ 49,000 was also important.

“BTC continues to test this area in an uptrend, just like it did in February earlier this year,” he says on a chart commented.

BTC / USD annotated chart. Source: Rekt Capital / Twitter

Some people were disappointed that Bitcoin was not able to keep the $ 50,000 mark this time around, but analysts made it clear that the “cheap” BTC purchase levels were already over.

“You had 3 months to buy dirt cheap BTC. Fundamentals have only gotten stronger,” so William Clemente III.

“The market doesn’t owe you any declines at the moment”.

Cardano leaves big altcoins far behind

Most of the altcoins followed the mediocre development in Bitcoin. Only Cardano (ADA) is a clear exception here.

Related: Bitcoin bullish crossover: $ 225,000 possible

Ether (ETH), Binance Coin (BNB) and XRP tended to stagnate over the past 24 hours.

As Cointelegraph reported, the US Federal Reserve’s planned summit in Jackson Hole could well have an impact on sentiment in the coming days. Information on how to deal with the coronavirus crisis is expected here.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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