Bitcoin (BTC) was $ 49,000 on August 28 after the US Federal Reserve triggered a surge towards critical resistance.
BTC / USD 1-hour candlestick chart (Bitstamp). Source: TradingView
All eyes on $ 49,300 on the weekly chart
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD cooled to higher levels after breaking the $ 49,000 mark on Friday night.
The end of the working week had seen a positive reaction to comments from Fed Chairman Jerome Powell on reducing asset purchases, as well as comments on inflation.
As Cointelegraph reported, stocks rose to all-time highs, while the US dollar weakened: Bitcoin seized the opportunity and added $ 1,500 in less than an hour.
With talks of a new “bullish momentum” move in the cryptocurrency markets, the mood for the weekend was far from bearish.
“If CTB is able to stay above the ~ $ 49,000 level for the rest of the week… It would be set for a phenomenal weekly close,” Capital Rekt analyst and trader summed up.
That weekly close had a solid chance of outperforming the last one at the time of this writing, with $ 49,300 the level to hit a multi-month high.
That would also put Bitcoin back in the small two-month window in which it closed above $ 49,000 on the weekly chart earlier this year.
BTC / USD 1-week candlestick chart (Bitstamp). Source: TradingView
“It should be pretty obvious where Bitcoin is headed,” popular Twitter account Ryan Clark Cantering added.
Meanwhile, a look at the buy and sell levels on major exchange Binance revealed a support line slowly building at around $ 48,800, forming a stalemate with sellers just below $ 50,000.
BTC / USD (Binance) buy and sell levels as of Aug 28. Source: Material Indicators / Twitter
Cardano bulls return to action when altcoins wake up
Meanwhile, altcoins primarily benefited from the renewed strength in Bitcoin.
Related: Price Analysis 8/27: BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, LUNA
With the exception of a flat Binance coin (BNB), the top ten cryptocurrencies by market capitalization posted solid gains within 24 hours.
Cardano (ADA) bulls led the advance, ADA / USD was up nearly 10% to $ 2.85 and made up for much of its recently lost ground after hitting all-time highs. Solana (SOL) continued to climb after her own record.
ADA / USD (Binance) 1-day candlestick chart. Source: TradingView
Ether (ETH) was at $ 3,240, having risen by a more modest 4% and still below 1.5% compared to the same time last week.
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