Bitcoin is back to classic resistance, but confidence in BTC price correction is fading

Bitcoin (Bitcoin) It stayed near $50,000 on Tuesday as the bulls struggled with classic resistance levels.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Is it too late for “cheap” Bitcoin?

Data from Cointelegraph Markets Pro And Transaction view It shows that BTC/USD holds the necessary support level to maintain the bullishness until Tuesday.

The currency pair fell within the range of 48,000 USD in the past 24 hours, then rose, and now 49,000 USD is the retested level.

For traders and analysts Rekt Capital, the current behavior has a lot of historical background-Bitcoin’s first breakthrough of $50,000 in February also involves attention to the $48,000-49,000 area.

“BTC is still retesting the area in an upward trend, as it did twice earlier this year,” he said Comment There is a chart next to it.

BTC/USD annotated chart.Source: Rekt Capital/Twitter

Although Bitcoin’s failure to immediately hold $50,000 this time disappointed some people, some analysts are well aware that the level of “cheap” BTC purchases has come and gone.

“You have 3 months to accumulate very cheap BTC. Fundamentals will only be strengthened,” William Clement III Arguing.

“The market doesn’t owe you any callbacks right now.”

Cardano puts major altcoins behind

At the same time, Bitcoin’s moderate actions were transferred to most altcoins on the day, only Cardano (Have) As Obviously abnormal To the rules.

Related: If history repeats itself, a bullish Bitcoin crossover on the weekly chart will draw a BTC price target of $225,000

Ether (Ethereum), Binance Coin (Bitcoin) And Ripple As the market waits for new direction clues, there has been little change in the past 24 hours.

As Cointelegraph Report, The upcoming Fed’s Jackson Hole summit-designed to provide information on coronavirus policy-is likely to become an emotional mover in the coming days.