$48,000 proves too much for BTC bulls Saturday as Cardano’s ADA hits $2.20 in a fresh show of strength.
Bitcoin (BTC) bounced at $46,000 support on Aug. 14 after an attempt to crack major resistance ended in rejection.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rising to tackle a giant sell wall during Saturday, only to reverse downwards to Friday’s levels.
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.
At the time of writing, BTC price action focused around $46,500, a classic “Bart Simpson” structure characterizing the past 24 hours’ movements.
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
Fellow trader and analyst Rekt Capital meanwhile eyed the forthcoming daily close for confirmation of the $46,000 support zone reached just a matter of days ago.
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.