Bitcoin (BTC) was holding $ 49,000 on August 28 after the United States Federal Reserve triggered a surge towards critical resistance.
All eyes on $ 49,300 on the weekly chart
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD cooling to higher levels after breaking through the $ 49,000 mark on Friday night.
The end of the work 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 hit all-time highs as the US dollar weakened – Bitcoin took the opportunity and added $ 1,500 in less than an hour.
With talks of a new “bullish momentum” in the crypto markets, the mood for the weekend was far from bearish.
“If BTC is able to stay above the level of around $ 49,000 for the rest of the week… That would set itself up for a phenomenal weekly close,” said trader and analyst Rekt Capital. abstract.
This weekly close had a solid chance to beat the last at the time of writing, with $ 49,300 per level reaching a multi-month high.
It would also put Bitcoin back into the tiny two-month window in which it closed above $ 49,000 on the weekly chart earlier this year.
“It should be pretty obvious where Bitcoin is heading,” popular Ryan Cantering Clark Twitter account added.
A review of the buy and sell levels on the main Binance exchange that day revealed a slowly growing support line at around $ 48,800, forming a tight deadlock with sellers just below $ 50,000.
Cardano bulls back in action as altcoins wake up
Altcoins have mainly benefited from the resurgence of Bitcoin.
Related: Price Analysis 8/27: BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, LUNA
With the exception of one Binance flat coin (BNB), the top ten cryptocurrencies by market cap posted solid 24-hour gains.
Cardano Bulls (ADA) led the lead, with ADA / USD climbing nearly 10% to $ 2.85 and making up for much of its recently lost ground after hitting all-time highs. Solana (SOL) continued her ascent after her own record.
Ether (ETH) was at $ 3,240, after rising 4% more modestly and still down 1.5% from the same period last week.