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Bitcoin creates a “phenomenal starting position” with an advance to US $ 49,000

Bitcoin (BTC) was able to consolidate at the US $ 49,000 mark on August 28th, holding the gains following positive announcements from the US Federal Reserve.

Bitcoin price chart (Bitstamp). Source: TradingView

All eyes on $ 49,300 on the weekly chart

As the data from Cointelegraph Markets Pro and TradingView show, the upward trend for BTC / USD slowly subsided at the US $ 49,000 mark after it was unexpectedly climbed on late Friday.

The trigger was the announcement by US Federal Reserve Chairman Jerome Powell that the Federal Reserve would soon stop bond purchases. However, this should be done with a sense of proportion so as not to endanger the financial markets.

As Cointelegraph reported, the news boosted financial markets while the US dollar fell. Also for Bitcoin reason to be happy, because the market-leading cryptocurrency was able to gain 1,500 US dollars in less than an hour.

The general conditions for the weekend could hardly be better, which is why the experts are correspondingly confident about the further development in the next few days.

“If BTC can hold over $ 49,000 for the rest of the week, it will create a phenomenal starting position,” as for example analyst Rekt Capital means.

This would mean that the end of the week would be stronger than it was seven days ago, with the next big hurdle beckoning at the US $ 49,300 mark, where a high of several months could be reached.

This means that Bitcoin would also be on the trail of a short two-month phase in which Bitcoin could close above $ 49,000 this year.

Bitcoin weekly chart (Bitstamp). Source: TradingView

“It’s actually completely clear where Bitcoin is headed next,” says crypto expert Ryan Cantering Clark optimistically summarizes.

Meanwhile, the data from the large crypto exchange Binance suggest that support is indicated at 48,800 US dollars, which could contrast with the strong selling pressure at the 50,000 US dollar mark. Bitcoin would thus consolidate near a psychologically important demarcation line.

Buy and sell levels for Bitcoin (Binance). Source: Material Indicators / Twitter

Cardano continues to lead

Meanwhile, the altcoins are also benefiting from the new strength of the market leader.

Apart from the Binance Coin (BNB), all top 10 cryptocurrencies have gained in the last 24 hours.

Cardano (ADA) leads the field with a whopping plus of almost 10%, allowing ADA / USD to slowly make up the losses after the new record high. Solana (SOL), on the other hand, can climb even further after its own record high.

Cardano stock chart (Binance). Source: TradingView

Ether (ETH) was able to improve by 4% back to 3,240 US dollars, which, however, still means a minus of 1.5% compared to the previous week.

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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