Bitcoin (BTC) touched $47,000 on Aug. 17 as ranging behavior continued to hint at an attack on major resistance.
Volatility narrows for Bitcoin
The area between $45,000 and $48,000 has acted as a narrow trading corridor for Bitcoin as it attempts to knock down its last hurdle before $50,000. So, far, however, bulls have lacked the momentum to effect major change.
For Cointelegraph contributor Michaël van de Poppe, $48,000 was the level to watch on the day, as a breakout from there could lead to another upwards impulse move.
“If we clearly break through there, that is probably going to trigger a big short squeeze, as everybody’s looking for a short in this area,” he said in a fresh YouTube update.
“It reminds me of the $6,000 zone that we had with Bitcoin. If Bitcoin is going to break through this level, I think we’re going to have a squeeze all the way up to $55,000-$56,000, the next level that we have here.”
Fellow trader and analyst Rekt Capital agreed that there was still plenty of fuel left in Bitcoin’s uptrend, despite the lack of an impulse move so far.
Though #BTC has failed to retest the top of the previous Ascending Triangle breakout structure…
It is still respecting this structure, finding support at the Higher Low trendline
— Rekt Capital (@rektcapital) August 17, 2021
Solana still headlines altcoin gains
Altcoins meanwhile returned to follow Bitcoin in its ranging behavior, with most of the top fifty cryptocurrencies by market cap seeing flat 24-hour performance.
Ether (ETH) held above $3,200, like Bitcoin staying in a narrower range since volatility earlier in August.