Bitcoin (BTC) gave traders a serious sense of deja vu on Aug. 26 after a fresh attack on $50,000 ended in a firm rejection.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin optimism wavers
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling to local lows of $46,540 on Bitstamp, having passed $49,300 hours before.
The action continues rangebound behavior which looks to be cementing old resistance at $51,000, bears lacking volume and momentum to flip the area to support.
Despite pausing in the mid $46,000 range, Bitcoin ( $41,707.00 ) was not enticing many for long positions on the day, with popular trader Crypto Ed eyeing the potential for another relief rally before an even deeper price dip takes hold.
#BTC step 2 (bounce) executed it seems pic.twitter.com/ZPEsDXspmk
— Crypto_Ed_NL (@Crypto_Ed_NL) August 26, 2021
Others were more optimistic, among them contributors to market updates at on-chain analytics service CryptoQuant.
In one of various updates on the day, one analyst forecast that a BTC price move below $47,000 would be a “fake dip,” and the result would be a successful crossing of the $50,000 mark.
Buyer support on BTC/USD was meanwhile wearing thin Thursday, with reliable interest on major exchange Binance only in place closer to $41,000.
BTC/USD buy and sell levels (Binance) as of Aug. 26. Source: Material Indicators/ Twitter
Ethereum ( $0.00 ) ( $0.00 ) nears $3,000 retest
A similar picture held true for major altcoins as Bitcoin ( $41,707.00 ) ranged.
Related: Ethereum ( $0.00 ) ( $0.00 ) traders expect volatility ahead of Friday’s $820M options expiry
Out of the top ten cryptocurrencies by market cap, none posted meaningful 24-hour gains, while equally barely moving in any direction.
Ether (ETH) maintained $3,000 support by a thread, while Cardano (ADA) erased more of its weekly returns, still up 20% over the past seven days.
ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView