Bitcoin Price Visits Below $46,000 – Analysts Remain Bullish

Bitcoin (BTC) dropped to $45,600 momentarily on Aug. 15 as the market witnessed the second installment of its resistance rejection played out. 

Analysts See Bitcoin to Move to All-Time Highs

BTC/USD give up $46,000 overnight on Saturday after an earlier failed breakout. Bulls had run out of steam during an attack on a major sell wall holding Bitcoin back from $50,000.

The U-turn sparked a more fragile mood for Sunday. with daily losses sitting at 1% at the time of writing, trading just over $46,000.

“This area is to me the major boss and hurdle to climb,” popular Twitter trader Pentoshi warned, adopting a bullish view on higher timeframes.

BTC/USD, he added, had almost completed preparation for a rematch of all-time highs in a zone above resistance at $50,000 and higher.

“I still believe for now it will be a Short term LH on the micro before we go for that upper range.”

https://twitter.com/Pentosh1/status/1426298953537048576

Fellow trader and analyst, Michaël van de Poppe likewise hinted about a longer-term moment of reckoning potentially appearing soon. He tweeted:

“Bitcoin is inside the higher timeframe resistance. Next week will be the important week, I think.”

#Bitcoin is inside the higher timeframe resistance.

Next week will be the important week, I think. pic.twitter.com/TZ3yBKyEoL

— Michaël van de Poppe (@CryptoMichNL) August 14, 2021

Binance buy and sell levels showed the $48,000 sellers are still firmly in place, with support amassing at $45,000 after the modest leg down.

$BTC orderbook update

Timestamp: 2021-08-15 08:03:59.413110
Next update in ~2h

Join us here for more analyses: https://t.co/O8U30KuKRe pic.twitter.com/0ODxbTemsd

— Material Indicators (@MI_Algos) August 15, 2021

Cardano Massive Rally Cools Down

The Bitcoin’s uprise had a cumulative effect among major altcoins. While many in the top-fifty cryptocurrencies by market cap either canceled out or saw weak 24-hour gains, the top five all lost in step with BTC.

Cardano’s native token (ADA) and Ripple’s XRP were the big winners.

Van de Poppe cautioned prior to the dip:

Would I be buying #Cardano here? No.

Do I expect #Cardano to be gaining value in the coming months/years? Yes.

Do I avoid any risk management then? No.

Always use risk management.

— Michaël van de Poppe (@CryptoMichNL) August 14, 2021

Market participants continue to expect altcoin opportunities to increase in the coming months, especially DeFi tokens.

Source