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Bitcoin poised for a 'phenomenal weekly close' if the BTC price is $49K

If the BTC price drops, this could be the final hurdle for Bitcoin bulls.

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Bitcoin poised for a 'phenomenal weekly close' if the BTC price is $49K

Bitcoin (BTC) held $49,000 on Aug. 28 after the United States Federal Reserve sparked a run-up toward critical resistance.

All eyes on $49,000.300 on the weekly chart

Cointelegraph Markets Pro and TradingView data showed that BTC/USD was cooling after breaking the $49,000 mark on Friday.

Positive reactions to Fed Chair Jerome Powell's comments on tapering asset purchases and his remarks about inflation at the end of the week saw a positive response.

As Cointelegraph reported, stocks surged to all-time highs, while the U.S. dollar weakened -- Bitcoin made use of the opportunity and added $1,500 in under an hour.

The weekend saw talk of a new "bullish instinct" on crypto markets. This was far from bearish.

"If BTC can stay above the $49000 for the remainder of the week... It would set itself up for a phenomenal Weekly Close," trader and analyst Rekt Capital summarized.

The weekly close had a strong chance of beating last week's at the time this article was written, with $49 300 the minimum level needed to secure a multi-month high.

This would also mean that Bitcoin will be back in the two-month window during which it closed above $49,000 in the weekly chart earlier in the year.

"Should be pretty obvious where Bitcoin is heading," popular Twitter account Ryan Cantering Clark added.

An examination of the buy and sell levels on Binance's major exchange on the same day revealed that a support line was slowly building at $48,800. This is forming a tight stand-off with sellers below $50,000.

Altcoins awaken and Cardano bulls are back in action

Altcoins have meanwhile largely benefited from the renewed strength of Bitcoin.

With the exception of a flat Binance Coin (BNB), the top ten cryptocurrencies by market cap saw solid 24-hour gains.

The advance was led by the bulls of Cardano (ADA), which climbed almost 10% to $2.85, making up much of the ground it lost after reaching all-time highs. Solana (SOL) continued upwards after its own record high.

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