Bitcoin (BTC) bounced at $46,000 support on Aug. 14 after an attempt to crack major resistance ended in rejection.
Bitcoin rejects at $48,000
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."
A 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
Meanwhile, fellow trader and analyst Rekt Capital eyed the forthcoming daily close for confirmation of the $46,000 support zone reached just a matter of days ago.
#BTC is now in the process of a retest attempt of its Ascending Triangle— Rekt Capital (@rektcapital) August 14, 2021
A 4HR Close above the top of the triangle would be great (left chart)
Ultimately though, a Daily Close will be most important in confirming the recent breakout (right chart)$BTC #Crypto #Bitcoin https://t.co/jZGfijA4K0 pic.twitter.com/KZQZyA0HeK
The mood nonetheless remained buoyant on Saturday as multiple signals pointed to the potential for continued upside.
The good times roll for Cardano
On altcoins, Cardano's ADA token continued to impress among the top fifty cryptocurrencies by market cap, gaining 8% on the day to hit and pass $2.20.
After cementing $2 support, ADA/USD thus went on to hit its highest levels since mid-May, when it came off $2.50 all-time highs amid a sea of change in Bitcoin.
The overall cryptocurrency market cap stood at $1.97 trillion.