TRENDING:
Australian Unemployment
UK CPI
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Bitcoin price in line for ‘impulsive bounce’ as Solana (SOL) leads altcoin surge

Bitcoin price in line for ‘impulsive bounce’ as Solana (SOL) leads altcoin surge
Cointelegraph TeamCointelegraph TeamCointelegraph

Bitcoin (BTC) volatility is again overdue, and one analyst is favoring an “impulsive” move toward $50,000.

BITCOIN

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

Trader: “Chill and wait” for Bitcoin breakout

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD continuing to circle $46,000 on Thursd as an eerie calm lingered over the market. 

Tuesday saw mass upheaval as a cascade of unwound positions sparked a huge $9,000 daily loss for Bitcoin, something analysts have since pinned on overleveraged traders.

While the event’s lows of $42,800 have not been retested, a breakdown is not off the cards, popular trader Crypto Ed says.

“Looks like a bullish pennant to me...Impulsive bounce followed by consolidation,” he summarized alongside an updated chart Wednesday.

“Chill and wait for the break out. Wrong when it breaks down.”

Chart

BTC/USD scenario. Source: Crypto Ed/Twitter

With expectations thus skewed to the upside, fellow trader and analyst Rekt Capital eyed an ongoing retest of Bitcoin’s 50-day exponential moving average (EMA) as a potential game-changer.

“This is the first time that BTC is retesting the blue 50-day EMA as support, after having reclaimed it as support in late July,” he noted.

“The 50-day EMA is useful for understanding bullish momentum as it tends to support established uptrends.” 

Chart

BTC/USD 1-day candle chart (Bitstamp) with 50-day EMA. Source: TradingView

Altcoins recover as Solana passes $200

Improved performance across major altcoins, meanwhile, is giving hope to the bullish short-term case for Bitcoin.

While BTC/USD has stayed broadly flat overnight, all of the top 10 cryptocurrencies by market capitalization have posted solid gains of at least 4%.

Ether (ETH) added 4.5% to circle $3,470 at the time of writing, while Cardano (ADA) recovered above $2.50.

Still outshining the pack, however, is Solana (SOL), now trading above $200 on 32% gains in just 24 hours.

Solona

SOL/USD 1-hour candle chart (FTX). Source: TradingView

Author

Cointelegraph Team

Cointelegraph Team

Cointelegraph

We are privileged enough to work with the best and brightest in Bitcoin.

More from Cointelegraph Team
Share:

Editor's Picks

XRP consolidates as inflows and volume climb

XRP consolidates as inflows and volume climb

Ripple (XRP) retains a slightly bullish outlook on Wednesday despite logging a minor correction from the supply range near $1.15. The remittance token is down 0.5% on the day, reflecting a broader cryptocurrency market drawdown, primarily driven by persistent geopolitical tensions between the United States (US) and Iran in the Middle East.
Bitcoin Price Prediction: BTC recovery holds as ETF inflows persist

Bitcoin Price Prediction: BTC recovery holds as ETF inflows persist

Bitcoin (BTC) trades slightly lower around $66,000 on Wednesday as tensions in the Middle East escalate further. Still, the Crypto King is up over 2.5% so far this week.
South Korea crypto volumes shrink as retail investors shift to stocks

South Korea crypto volumes shrink as retail investors shift to stocks

South Korea’s major crypto exchanges have seen their trading activity fall sharply over the past year as the country’s stock market surged, suggesting retail speculative interest may be shifting toward equities, Cointelegraph analysis shows.
Hyperliquid, Robinhood could lead crypto’s next bull market as DeFi and TradFi converge

Hyperliquid, Robinhood could lead crypto’s next bull market as DeFi and TradFi converge

The next crypto bull market could be driven by the growing convergence between blockchain-based financial infrastructure and traditional finance, according to Bitwise CIO Matt Hougan. In a report published late Tuesday, Hougan argued that crypto may be showing early signs of a market bottom, with Bitcoin gaining 9% since July 1 even as the NASDAQ 100 declined 6%.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.