Bitcoin (BTC) stayed tantalizingly close to $50,000 on Tuesday as bulls contended with a classic resistance level.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Too late for “dirt cheap” Bitcoin?
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding necessary support levels for bullish continuation through Tuesday.
The pair had dipped to within the $48,000 range over the past 24 hours before exiting to the upside, with $49,000 now the level in line for retests.
For trader and analyst Rekt Capital, current behavior had plenty of historical context — Bitcoin’s first trip above $50,000 in February had also involved a focus on the $48,000–$49,000 area.
“BTC is still retesting this area in an uptrend, just like it did on those two occasions earlier this year,” he commented alongside a chart.
BTC/USD annotated chart. Source: Rekt Capital/Twitter
While Bitcoin’s failure to hold $50,000 straightaway this time around had disappointed some, some analysts were clear that the “bargain” BTC buy levels had already come and gone.
“You had 3 months to accumulate dirt cheap BTC. Fundamentals only strengthened,” William Clemente III argued.
“The market does not owe you any pullbacks right now.”
Cardano leaves major altcoins in the dust
Middling action on Bitcoin, meanwhile, transferred to most altcoins on the day, with only Cardano (ADA) being a noticeable exception to the rule.
Related: Bitcoin bullish cross on weekly chart paints $225K BTC price target if history repeats
Ether (ETH), Binance Coin (BNB) and XRP were all but stationary over the past 24 hours as the markets waited for fresh directional cues.
As Cointelegraph reported, the upcoming Federal Reserve Jackson Hole summit — tipped to provide information on coronavirus policy — could well be that sentiment mover in the coming days.