Bitcoin (BTC) continues to swing below a critical weekly close target, as analysts warn that the multi-weekly uptrend could be in jeopardy.
BTC, $ 1,000 below a crucial level
That level marks the lower limit of Bitcoin’s uptrend on the weekly chart, which has continued since mid-July. The cryptocurrency will have to regain this level, explained the trader and analyst Rekt Capital, to preserve the trend:
“Bitcoin bounces off weekly support (blue).
However, it still remains below the Weekly Higher Low (black), which represents a price of $ 47,400. BTC needs a weekly close above the Higher Low to preserve the uptrend several times a week.
BTC is currently about $ 1,000 below the Higher Low. “
#BTC bounces from Weekly support (blue)
However, it is still below the black Weekly Higher Low which represents a price of ~$47400$ BTC needs to Weekly Close above the HL to retain the multi-week uptrend
— Rekt Capital (@rektcapital) September 10, 2021
Tezos outshines the rest
As for the rest of the market, we saw a curious image today, as investors mysteriously flocked to Tezos (XTZ).
After not particularly exciting movements in line with the other major altcoins, the XTZ / USD pair suddenly started to rise, surging 28% from yesterday. The cryptocurrency peaked at $ 6.53, the highest price since mid-May.
This event seems to coincide with a Tezos’ approach to the world of non-fungible tokens, thanks to the music star Doja Cat. This week, the blockchain topped an average of 400,000 transactions per day.
Meanwhile Ether (ETH) rebounded to important support in the pair against BTC, a move that wowed analyst Michaël van de Poppe:
“I predict new highs,“ he has declared after the ETH / BTC bounce to 0.071.
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