Bitcoin returns to classic resistance, but belief in a fresh BTC price pullback is fading
Bitcoin “doesn’t owe you any pullbacks” from current levels, one analyst argues as stability returns to crypto markets.
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?
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.”
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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.