Blockchain

Bitcoin price risks losing weekly uptrend as NFT launch sends Tezos (XTZ) to 3-month highs

It’s a rags-to-riches story for Tezos this week, while Bitcoin bulls fail to find momentum for a full recovery from Tuesday’s major price dip.

Bitcoin (BTC) ranged below a critical weekly close target on Friday as analysis warned its multi-week uptrend was in danger. 

Bitcoin price risks losing weekly uptrend as NFT launch sends Tezos (XTZ) to 3-month highs

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC price lags $1,500 below crucial level

Data from Cointelegraph 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.

Read more:  Corporate Bitcoin treasuries are here, which can only mean good things

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.

Bitcoin price risks losing weekly uptrend as NFT launch sends Tezos (XTZ) to 3-month highs

XTZ/USD 1-day candle chart (Coinbase). Source: TradingView

The events coincide with increasing nonfungible token interest on Tezos courtesy of music star Doja Cat, and its blockchain handled 400,000 daily transactions for the first time this week. 

Meanwhile, the largest altcoin, Ether (ETH), bounced off established support against BTC in a move that had Cointelegraph contributor Michaël van de Poppe excited.

Read more:  Mining software appears to have cracked Nvidia's Lite Hash Rate algorithm

“Expecting new highs,” he forecast after ETH/BTC reversed upward at 0.071.

Bitcoin price risks losing weekly uptrend as NFT launch sends Tezos (XTZ) to 3-month highs

ETH/BTC 1-hour candle chart (Bitstamp). Source: TradingView

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button