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

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.”

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

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

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

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The overall cryptocurrency market cap stood at $1.97 trillion.