Bitcoin Charted 4-Week High But Rejected At $49K: Price Analysis

Bitcoin charted 4-week highs but then got rejected at $49K according to the latest price analysis that we have in our BTC price news today.

Bitcoin failed at $49,000 but XTZ and AXS surged to new ATH records above $150 and $9. after tapping a one-month high above $49,000, BTC retraced by over $1000 and now struggles below $48,000. most alternative coins stalled today with the exception being of Texas, Axie Infinity, and Algordand. Ever since September ended, BTC dipped below $41,000 but the price of the asset has been gradually increasing. After a few surges, it went above $43,000 and then reclaimed the $47,000 in a few days. This led to BTC tapping $48,000 where it stood for a while but then retraced briefly on Sunday to $47,000 before the bulls were able to regain control and send it north.

BTCUSD. Source TradingView

This time, BTC surpassed $49,000 for the first time since September but failed to continue upwards and reach a rejection point that led to a drop of more than $1500. BTC recovered some ground but still stands below $48,000. Its market cap is just over $900 billion and the dominance over the rest of the coins sits at 42.5%. Most altcoins performed similarly to their leader in the past day as ETH dropped all the way to $2900 but the market recovery drove it back to above $3400. the slight retracement in the past day pushed ETH below this level.

Cryptocurrency Market Overview. Source Quantify Crypto

Cardano is among the biggest losers from the top 10 coins with a 4% decline and ADA dropped below $2.20 as a result while Binance Coin, Ripple, Doge, Avalanche, Solana, and Uniswap entered the sea of red on a daily scale. There are a few exceptions, however. Luna increased by 4% to above $45 and Algorandspiked by 15% now standing above $2. Bitcoin charted a 4-week high but after the rejection, it came down below $49,000 which meant nothing for AXS that reached a new all-time high after a massive double-digit surge. Tezos saw a record as well as it hit $9 after a 10% daily increase. The entire crypto market cap has declined as well in one day by $50 billion.


By: Stefan
Title: Bitcoin Charted 4-Week High But Rejected At $49K: Price Analysis
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Published Date: Mon, 04 Oct 2021 11:17:41 +0000