Bitcoin price risks losing weekly uptrend as NFT launch sends Tezos (XTZ) to 3-month highs
Bitcoin (BTC) ranged below a critical weekly close target on Friday as analysis warned its multi-week uptrend was in danger.
BTC price lags $1,500 below crucial level
Data from Hedgewane Markets Pro and TradingView showed BTC/USD trading at around $46,000 Friday after rejecting near $47,450 the day before.
That level marks the lower bound of Bitcoin’s uptrend on the weekly chart, one that has continued since mid-July.
Now, BTC/USD needs to reclaim it, trader and analyst Rekt Capital said, in order to preserve that trend.
#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
With Bitcoin closer to $1,500 below the higher low target at the time of writing, much work was left to do over the weekend to secure a more bullish close by the end of Sunday.
Tezos outshines the rest
On altcoins, a curious picture was developing Friday as investors mysteriously piled in to Tezos (XTZ).
Related: NFT sales and floor prices plummet as demand wanes and gas prices soar
After standard moves in line with the majority of major altcoins, XTZ/USD suddenly began to break out, gaining 24% on the day to become the best-performing cryptocurrency. The pair hit $6.53, its highest since mid-May.
Meanwhile, the largest altcoin, Ether (ETH), bounced off established support against BTC in a move that had Hedgewane contributor Michaël van de Poppe excited.
“Expecting new highs,” he forecast after ETH/BTC reversed upward at 0.071.