Bitcoin can see $55K breakout if final main BTC worth resistance is damaged — Analyst
Bitcoin (BTC) touched $47,000 on Tuesday as ranging habits continued to trace at an assault on main resistance.
Volatility narrows for Bitcoin
Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD making an attempt to exit the $46,000 vary on Tuesday after heading decrease because the week started.
The space between $45,000 and $48,000 has acted as a slender buying and selling hall for Bitcoin because it makes an attempt to knock down its final hurdle earlier than $50,000. So far, nonetheless, bulls have lacked the momentum to impact main change.
For Cointelegraph contributor Michaël van de Poppe, $48,000 was the extent to look at on the day, as a breakout from there may result in one other upward impulse transfer.
“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 stated in a recent 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 dealer and analyst Rekt Capital agreed that there was nonetheless loads of gas left in Bitcoin’s uptrend regardless of the shortage of an impulse transfer to this point.
Though #BTC has did not retest the highest of the earlier Ascending Triangle breakout construction…
It continues to be respecting this construction, discovering help on the Higher Low trendline
— Rekt Capital (@rektcapital) August 17, 2021
Solana nonetheless headlines altcoin positive aspects
Altcoins, in the meantime, returned to observe Bitcoin in its ranging habits, with many of the prime 50 cryptocurrencies by market capitalization seeing a flat 24-hour efficiency.
Related: 3 methods this Bitcoin bull run is totally different than late 2020
The notable exception was Solana (SOL), which added 14% on the day for weekly positive aspects of practically 80%.
Ether (ETH) held above $3,200 like Bitcoin staying in a narrower vary since volatility earlier in August.