Bitcoin (BTC) touched $47,000 on Tuesday as ranging behavior continued to hint at an attack on major resistance.
Volatility narrows for Bitcoin
The area between $45,000 and $48,000 has acted as a narrow trading corridor for Bitcoin as it attempts to knock down its last hurdle before $50,000. So far, however, bulls have lacked the momentum to effect major change.
For Cointelegraph contributor Michaël van de Poppe, $48,000 was the level to watch on the day, as a breakout from there could lead to another upward impulse move.
“If we clearly breakthrough there, that is probably going to trigger a big short squeeze, as everybody’s looking for a short in this area,” he said in a fresh YouTube update.
“It reminds me of the $6,000 zone that we had with Bitcoin. If Bitcoin is going to break through this level, I think we’re going to have a squeeze all the way up to $55,000–$56,000, the next level that we have here.”
Fellow trader and analyst Rekt Capital agreed that there was still plenty of fuel left in Bitcoin’s uptrend despite the lack of an impulse move so far.
Though #BTC has failed to retest the top of the previous Ascending Triangle breakout structure...— Rekt Capital (@rektcapital) August 17, 2021
It is still respecting this structure, finding support at the Higher Low trendline
As long as this trendline holds, the technical uptrend remains intact$BTC #Crypto #Bitcoin https://t.co/6St5oQ86ZR pic.twitter.com/Trp8L52sbT
Solana still headlines altcoin gains
Altcoins, meanwhile, returned to follow Bitcoin in its ranging behavior, with most of the top 50 cryptocurrencies by market capitalization seeing a flat 24-hour performance.
The notable exception was Solana (SOL), which added 14% on the day for weekly gains of nearly 80%.
Ether (ETH) held above $3,200 like Bitcoin staying in a narrower range since volatility earlier in August.