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Saturday, October 16, 2021

Bitcoin Price Could Get Phenomenal In The Weekly Close

The price of Bitcoin held steady at a range of $49,000 on the 28th of August, which has sparked major interest amongst traders. This came after the United States Federal Reserve sparked a run-up towards critical resistance. 

All eyes on $49,300 on the weekly chart for Bitcoin

According to data provided by TradingView and Cointelegraph Markets Pro, the BTC/USD has shown a cooling phase at higher levels after it went on to crack the resistance level of $49,000 late Friday. The end of this week has definitely given rise to a favorable and positive reaction to comments from Jerome Powell- the Chairman of the Federal Reserve- on tapering of asset purchases, as well as the correct handling of inflation.

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As it was reported by Cointelegraph, the stocks of Bitcoin were at an all-time high, while the U.S. Dollar went on weakening. This led to the cryptocurrency utilizing the situation and adding around $1.5k. 

The mood in the cryptocurrency sector as they were moving in for the weekend was unsurprisingly bullish, as there has been major talk of a new bullish impulse that is creeping in crypto markets. Rekt Capital- a major analyst and a trader- has mentioned that if Bitcoin could stay above the resistance level of $49,000 for the rest of the week, it would end up being quite phenomenal when the week draws to an end.

As it went, the weekly close had quite a major chance of beating the last close, with the level of $49,300 clinched for a multi-month high. Interestingly, this would also put the cryptocurrency back in the two-month window where it clocked above $49,000 earlier this year. 

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Ryan Cantering Clark has added that it should be pretty clear to people where Bitcoin was about to head into. Incidentally, a simple look at the purchase and sale levels of Binance on the day did reveal a support line under the resistance zone of $48,800- which formed quite a stand-off with sellers below $50,000. 

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