It seems nothing can keep Bitcoin bulls down for long as lower levels dissipate overnight and $47,000 is back on the cards.
Bitcoin (BTC) staged yet another classic comeback on Aug. 13 as a day of losses abruptly flipped positive.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Friday’s 5.5% gains erased the entire previous day’s downtrend, once again proving bulls’ staying power at price levels above $40,000.
“Well, hello Bitcoin,” Cointelegraph contributor Michaël van de Poppe summarized ahead of a YouTube update on the day.
The latest return to strength for Bitcoin coincided with fresh noises from the United States, where an increasing number of senators were taking issues with language on cryptocurrency in the newly-passed infrastructure bill.
Originally unamended, the bill must now have its cryptocurrency improved so as not to disadvantage the industry, lawmakers demanded.
BTC/USD had gained throughout the final stages of the bill’s passage, even shrugging off the initial lack of amendments.
At the same time, the President of Argentina, Alberto Fernandez, revealed a willingness to adopt Bitcoin in the financially troubled country.
With positive headwinds back in play, so too was an attack on major resistance at the time of writing.
A look at buy and sell levels on major exchange Binance showed $47,000 as the definitive level to break for bulls, while a giant support wall had amassed at $41,000.BTC/USD buy and sell levels (Binance) as of Aug. 13. Source: Material Indicators/Twitter
Altcoins meanwhile likewise benefited from the Bitcoin move, some of the top fifty by market cap capitalizing on weekly gains which topped 40%.
The overall cryptocurrency market cap stood at $1.93 trillion Friday, inching closer to reclaiming the $2 trillion support level after several months' absence.