Bitcoin staged another remarkable comeback on August 13 as a day of losses flipped positive abruptly. It appears like nothing can pin the bitcoin bulls down for long as lower levels broke overnight with the flagship crypto now aiming at $47,000.
Bitcoin Bears Pulverized
Data acquired from TradingView showed BTC/USD rising from under $44,000 to peak at around $46,300 in hours. Today’s 5.5% gains rubbed off the whole previous day’s downside movement, once more proving that the bulls remain in power at price levels above $40,000.
One analyst summarized ahead of a YouTube update:
“Well, hello Bitcoin.”
The latest return to strength for the flagship crypto coincided with some fresh noises from the US, where a growing number of senators were taking multiple issues with the language on crypto in the newly-passed infrastructure bill.
Originally unamended, this bill must now have its crypto enhanced so as not to dismantle the nascent sector, legislators insisted. Bitcoin had managed to record significant gains throughout the final stages of this bill’s passage, even shrugging off the initial lack of amendments.
Notably, at the same time, Alberto Fernandez, the President of Argentina, revealed a willingness to adopt Bitcoin in the currently financially troubled country. With positive headwinds appearing back in play, so too was an attack on massive resistance at the time of publication.
A look at the buy and sell levels on major exchange Binance indicated that $47,000 is the definitive level to break for bulls. On the other hand, there is a giant support wall amassed at $41,000.
Ether Back Above $3,000
In the meantime, altcoins have also benefited from the Bitcoin price action, with some of the top 50 by market cap capitalizing on weekly gains that topped 40%.
The biggest altcoin by market cap Ether (ETH) was calmer, up 2.5% on the day to hover near $3,200 after briefly losing the $3,000 mark on August 12.
The general crypto market cap stood at around $1.93 trillion on August 13, 2021, inching nearer to reclaiming the $2 trillion support level after many months of absence.