Bitcoin in line for ‘phenomenal’ weekly close if BTC price holds $49K

The final hurdle for Bitcoin bulls this week could still cancel out recent losses if downward BTC pressure stays away.

Bitcoin (BTC) held $49,000 on Aug. 28 after the United States Federal Reserve sparked a run-up toward critical resistance.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

All eyes on $49,300 on the weekly chart

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD cooling at higher levels after cracking the $49,000 mark late Friday.

The end of the working week had seen a positive reaction to comments from Fed Chair Jerome Powell on tapering of asset purchases, as well as remarks on inflation.

As Cointelegraph reported, stocks surged to all-time highs, while the U.S. dollar weakened — Bitcoin made use of the opportunity and added $1,500 in under an hour.

With talk of a new “bullish impulse” move afoot on crypto markets, the mood into the weekend was thus far from bearish.

“If BTC is able to stay above the ~$49000 level for the rest of the week… It would set itself up for a phenomenal Weekly Close,” trader and analyst Rekt Capital summarized.

That weekly close had a solid chance of beating the last at the time of writing, with $49,300 the level to clinch for a multi-month high.

That would also place Bitcoin back in the tiny two-month window in which it closed above $49,000 on the weekly chart earlier this year.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

“Should be pretty obvious where Bitcoin is heading,” popular Twitter account Ryan Cantering Clark added.

A look at buy and sell levels on major exchange Binance on the day meanwhile revealed a support line slowly building at around $48,800, forming a close stand-off with sellers just below $50,000.

BTC/USD buy and sell levels (Binance) as of Aug. 28. Source: Material Indicators/ Twitter

Cardano bulls back in action as altcoins wake up

Altcoins meanwhile mostly benefited from renewed strength in Bitcoin.

Related: Price analysis 8/27: BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, LUNA

With the exception of a flat Binance Coin (BNB), the top ten cryptocurrencies by market cap saw solid 24-hour gains.

Cardano (ADA) bulls led the advance, ADA/USD climbing almost 10% to $2.85 and making up for much of its recently lost ground after hitting all-time highs. Solana (SOL) continued upwards after its own record high.

ADA/USD 1-day candle chart (Binance). Source: TradingView

Ether (ETH) was at $3,240, having increased by a more modest 4% and still down 1.5% versus the same time last week.

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  • tetherTether(USDT)$1.00-0.08%
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  • rippleXRP(XRP)$0.521.75%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • cardanoCardano(ADA)$0.260196-0.85%
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  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,065.000.00%
  • bitcoin-cashBitcoin Cash(BCH)$189.59-0.41%
  • uniswapUniswap(UNI)$4.58-0.60%
  • stellarStellar(XLM)$0.1229001.01%
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  • aaveAave(AAVE)$56.961.06%
  • havvenSynthetix Network(SNX)$2.06-0.07%
  • tezosTezos(XTZ)$0.701.39%
  • eosEOS(EOS)$0.581.13%
  • theta-tokenTheta Network(THETA)$0.641.26%
  • bitcoin-cash-svBitcoin SV(BSV)$29.94-1.07%
  • nemNEM(XEM)$0.025210-0.32%
  • bitcoinBitcoin(BTC)$26,051.000.02%
  • ethereumEthereum(ETH)$1,652.21-0.04%
  • tetherTether(USDT)$1.00-0.08%
  • binancecoinBNB(BNB)$217.290.72%
  • rippleXRP(XRP)$0.521.75%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • cardanoCardano(ADA)$0.260196-0.85%
  • dogecoinDogecoin(DOGE)$0.0631641.33%
  • tronTRON(TRX)$0.0774861.09%
  • polkadotPolkadot(DOT)$4.501.99%
  • litecoinLitecoin(LTC)$65.301.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,065.000.00%
  • bitcoin-cashBitcoin Cash(BCH)$189.59-0.41%
  • uniswapUniswap(UNI)$4.58-0.60%
  • stellarStellar(XLM)$0.1229001.01%
  • moneroMonero(XMR)$141.101.34%
  • aaveAave(AAVE)$56.961.06%
  • havvenSynthetix Network(SNX)$2.06-0.07%
  • tezosTezos(XTZ)$0.701.39%
  • eosEOS(EOS)$0.581.13%
  • theta-tokenTheta Network(THETA)$0.641.26%
  • bitcoin-cash-svBitcoin SV(BSV)$29.94-1.07%
  • nemNEM(XEM)$0.025210-0.32%