Bitcoin refuses to dip to even its $42,000 February all-time highs, but familiar resistance higher up looms large.
Bitcoin (cryptoprimacy.com/bitcoin-price”>BTC) neared a critical breakout point on Aug. 19 as bulls sought to transform this week’s downtrend into a battle for resistance.
Buyers and sellers close in on BTC
Data from cryptoprimacy.com/?via=markets&_ga=2.121254216.1571181373.1628517932-1136475544.1627545224″>Cointelegraph Markets Pro and TradingView tracked BTC/USD as it repassed $45,000 on Thursday, climbing to highs of $45,490 on Bits
The move came on the back of United States bank Wells Fargo revealing that it had partnered with NYDIG to launch a Bitcoin fund. It took the pair to the border of an important price point that was previously being watched for bullish continuation — $45,600.
At the time of writing, Bitcoin traded at around $45,300, having recovered from a brief dip to $43,900. For Cointelegraph contributor Michaël van de Poppe, there was relief to be had in $44,000 remaining as support.
“Bitcoin holding support here is a great sign,” he summarized.
Beyond hourly timeframes, the overall resistance picture for the largest cryptocurrency remained the same. $47,000 and upwards hosted a cryptoprimacy.com/news/bitcoin-can-see-55k-breakout-if-last-major-btc-price-resistance-is-broken-analyst” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-can-see-55k-breakout-if-last-major-btc-price-resistance-is-broken-analyst/amp”>large sell wall, one that Bitcoin has so far failed to crack.
On the support side, buyers were dug in at $40,000 and above, giving little room for maneuver for spot price under current conditions.
Bears have little impact as metrics point higher
As Cointelegraph cryptoprimacy.com/news/bitcoin-s-weekly-macd-just-crossed-bullish-for-the-first-time-in-11-months” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-s-weekly-macd-just-crossed-bullish-for-the-first-time-in-11-months/amp”>reported, there remain plenty of reasons to be bullish on Bitcoin, even in the short term as price action slows.
Related: cryptoprimacy.com/news/ethereum-liquidity-crisis-could-see-new-eth-all-time-high-before-bitcoin-analyst” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/ethereum-liquidity-crisis-could-see-new-eth-all-time-high-before-bitcoin-analyst/amp”>Ethereum ‘liquidity crisis’ could see new ETH all-time high before Bitcoin — Analyst
The weekly moving average convergence/ divergence (MACD), after 11 months in negative territory, finally flipped positive last week, a classic sign that an impulsive bullish move is forthcoming
Theories this week revolve around 2021 being a so-called “double bubble” year in which BTC/USD should hit a cryptoprimacy.com/news/new-data-suggests-bitcoin-could-see-btc-price-double-bubble-top-in-2021″ data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/new-data-suggests-bitcoin-could-see-btc-price-double-bubble-top-in-2021/amp”>new local peak — a pattern that would mimic 2013.
Only the Grayscale Bitcoin Trust (GBTC) cryptoprimacy.com/news/sub-zero-interest-gbtc-hits-biggest-discount-since-may-bitcoin-price-crash” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/sub-zero-interest-gbtc-hits-biggest-discount-since-may-bitcoin-price-crash/amp”>lags behind the trend, now at its steepest discount to spot price since the Bitcoin price dip to $29,000 beginning in May.