{"id":16185,"date":"2021-08-15T06:12:27","date_gmt":"2021-08-15T06:12:27","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=16185"},"modified":"2021-08-15T06:12:29","modified_gmt":"2021-08-15T06:12:29","slug":"news-commentary-1437-bitcoin-are-bulls-on-the-track","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=16185","title":{"rendered":"News Commentary #1,437 \u2013 Bitcoin | Are Bulls On The Track?"},"content":{"rendered":"

No doubts the bitcoin<\/strong> price has made a remarkable<\/strong> move up recently and many analysts try to predict its next steps.. The most common view, as far as i could see that – we are seeing the continuation of bull rally and we will see much higher prices, IF no any “black swan” events suddenly happen<\/strong> in the world of crypto.<\/p>\n

Below you will find some useful information and recent chart updates:<\/p>\n

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Bitcoin holds $46K support after failed breakout..<\/h1>\n
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$48,000 proves too much for BTC bulls Saturday..<\/p>\n<\/div>\n

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\"Bitcoin<\/picture><\/div>\n

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Bitcoin (BTC) bounced at $46,000 support on Aug. 14 after an attempt to crack major resistance ended in rejection.<\/p>\n<\/div>\n<\/div>\n

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BTC\/USD 1-hour price chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin rejects at $48,000<\/h2>\n

Data from\u00a0Cointelegraph Markets Pro\u00a0and\u00a0TradingView\u00a0showed BTC\/USD rising to tackle a giant sell wall during Saturday, only to reverse downwards to Friday’s levels.<\/p>\n

As Cointelegraph\u00a0reported, 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.<\/p>\n

In the event, the wall was\u00a0only partially broken\u00a0before momentum ran out and BTC\/USD returning to more familiar territory.<\/p>\n

At the time of writing, BTC price action focused around $46,500, a classic “Bart Simpson” structure characterizing the past 24 hours’ movements.<\/p>\n

“Nothing special about this move, it’s just typical for a weekend,” Cointelegraph contributor Micha\u00ebl van de Poppe\u00a0summarized.<\/p>\n

“However, the heavy resistance zone was hit between $47-49K, and no breakthrough happened for Bitcoin. Remaining cautious.”<\/p><\/blockquote>\n

Suitable volume would be needed to sustain another run-up and flip fresh resistance levels to support \u2014 a breakout without that volume could ultimately fail and cost overly optimistic traders<\/p>\n

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.<\/p>\n

The mood nonetheless remained buoyant on Saturday as multiple signals pointed to the potential for continued upside.<\/p>\n

..<\/p>\n

The overall cryptocurrency market cap stood at $1.97 trillion.<\/p>\n<\/div>\n<\/div>\n<\/blockquote>\n