Bitcoin holds $46K support after failed breakout, Cardano price passes $2.20

Published at: Aug. 14, 2021

Bitcoin (BTC) bounced at $46,000 support on Aug. 14 after an attempt to crack major resistance ended in rejection.

Bitcoin rejects at $48,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rising to tackle a giant sell wall during Saturday, only to reverse downwards to Friday's levels.

As Cointelegraph reported, the area of seller pressure from $47,000 and upwards had been a formidable feature on the daily chart throughout the week, with Bitcoin taking several days to prepare its attack.

In the event, the wall was only partially broken before momentum ran out and BTC/USD returning to more familiar territory.

At the time of writing, BTC price action focused around $46,500, a classic "Bart Simpson" structure characterizing the past 24 hours' movements.

"Nothing special about this move, it's just typical for a weekend," Cointelegraph contributor Michaël van de Poppe summarized.

"However, the heavy resistance zone was hit between $47-49K, and no breakthrough happened for Bitcoin. Remaining cautious."

A suitable volume would be needed to sustain another run-up and flip fresh resistance levels to support — a breakout without that volume could ultimately fail and cost overly optimistic traders

Meanwhile, fellow trader and analyst Rekt Capital eyed the forthcoming daily close for confirmation of the $46,000 support zone reached just a matter of days ago.

#BTC is now in the process of a retest attempt of its Ascending TriangleA 4HR Close above the top of the triangle would be great (left chart)Ultimately though, a Daily Close will be most important in confirming the recent breakout (right chart)$BTC #Crypto #Bitcoin https://t.co/jZGfijA4K0 pic.twitter.com/KZQZyA0HeK

— Rekt Capital (@rektcapital) August 14, 2021

The mood nonetheless remained buoyant on Saturday as multiple signals pointed to the potential for continued upside.

The good times roll for Cardano

On altcoins, Cardano's ADA token continued to impress among the top fifty cryptocurrencies by market cap, gaining 8% on the day to hit and pass $2.20.

Related: Price analysis 8/13: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, SOL, LTC

After cementing $2 support, ADA/USD thus went on to hit its highest levels since mid-May, when it came off $2.50 all-time highs amid a sea of change in Bitcoin.

Elsewhere, major altcoins were flat, with the exception of XRP, which delivered 13% daily gains to reach $1.20.

The overall cryptocurrency market cap stood at $1.97 trillion.

Tags
Bitcoin
Bitcoin Price
Markets
Altcoin
Cardano
Related Posts
Price analysis 3/22: BTC, ETH, BNB, ADA, DOT, XRP, UNI, LTC, LINK, THETA
The Turkish lira lost 15% of its value and dipped close to its all-time low after Turkey's President Erdogan fired central bank governor Naci Agbal. This resulted in a massive spike in Bitcoin (BTC) searches in Turkey as investors sought to protect their wealth from devaluation. This is just another example that shows how investors may be treating Bitcoin as a possible substitute for fiat currencies. In other news, United States Federal Reserve chairman Jerome Powell has a different view. While speaking at an event hosted by the Bank for International Settlements, Powell said that Bitcoin is more of a …
Bitcoin / March 22, 2021
Price analysis 11/19: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, SHIB, AVAX
Bitcoin (BTC) dropped below $56,000 on Nov. 19, completing a near 20% correction from the all-time high. The Crypto Fear & Greed Index, which remained in the greed zone for most of the past two months, has plummeted into the fear category with a reading of 34. Cryptocurrency research firm Delphi Digital said in a recent report that the sell-off in Bitcoin was “largely driven by a wave of liquidations rather than a fundamental shift in narrative,” and the analysts expect the drawdown to be “relatively short-lived.” The recent correction does not seem to have shaken the long-term holders. According …
Bitcoin / Nov. 19, 2021
Bitcoin rebound hits $45.5K as focus switches to future support retests
Bitcoin (BTC) hit new multi-week highs above $45,000 on Feb. 8 as the largest cryptocurrency's comeback continued. $40,000 becomes popular retest target Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $45,500 on Bitstamp in its latest surge before consolidating. Volatility was once again in evidence as the pair fluctuated by $1,000 on intra-hour timeframes, circling $44,800 at the time of writing. Fears of a major correction were nonetheless left unfounded on the day, despite theories that $40,000 could see a retest next. lol okay a couple hundred dollars lower than previous tweet but I'm back to thinking we …
Bitcoin / Feb. 8, 2022
Price analysis 3/25: BTC, ETH, BNB, XRP, ADA, LUNA, SOL, AVAX, DOT, DOGE
This week Bitcoin (BTC) and select altcoins broke above their immediate resistance levels and moved higher, which propelled the total crypto market capitalization above $2 trillion on March 24. One of the triggers that could have driven crypto prices higher was BlackRock CEO Larry Fink’s letter to shareholders where he said that the Russia-Ukraine conflict has opened up avenues for digital currencies to be used as a mode of settlement for international transactions. Another bit of news that may have aided the up-move in crypto prices was that Goldman Sachs redesigned its website with emphasis on the growth of digital …
Bitcoin / March 25, 2022
Price analysis 9/2: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
Nonfarm payrolls rose by 315,000 jobs in August, down from the July increase of 526,000 jobs. The report was just below the Dow Jones estimate of 318,000 jobs and the slowest monthly gain since April 2021. The S&P 500 rose in response to the report, but later erased its gains, indicating that bears continue to sell on rallies. That may be because the U.S. dollar index (DXY), which had retreated from its Sept.1 20-year high, recovered part of its losses. The bears will have to pull the DXY lower to boost prices of stocks and the cryptocurrency markets as both …
Bitcoin / Sept. 2, 2022