While Bitcoin markets are showing signs of strength, altcoins are becoming more interesting as the weekend winds down.
Bitcoin encountered resistance at $46,000 on Sept. 12 following a “strong bullish divergence” on lower timeframes.
BTC/USD is edging toward higher lows
BTC/USD rejected significantly, according to data from Cointelegraph Markets Pro and TradingView, following a local high of $46,280 on Bitstamp.
The move extends a range-bound weekend in which the pair failed to recoup Friday’s sell-off.$45,500 is a critical level for Bitcoin since it represents its 50-day moving average, a level that held as support on Sunday.
As reported by trader and analyst Rekt Capital, lower timeframes demonstrated rising strength throughout the day, with the 4-hour chart exhibiting a “strong bullish divergence.” However, at the time of writing, no further levels had been added as support.
“Bitcoin formed a Lower Low on the 4-hour timeframe between September 8th and 10th,” he summarised.
Over the course of the 10th and 12th of September however, $BTC formed a new Higher Low on the 4-hour timeframe.
Michael van de Poppe, a contributing analyst to Cointelegraph, was also on the hunt for a higher low construction.
“We’re looking for a higher low to be established at Bitcoin, and then we’re prepared to move toward $50K,” he stated Saturday.Polkadot is the top altcoin mover on Sunday.
As Cointelegraph previously reported, estimates call for a Bitcoin price decline to as low as $38,000 at the most, with September set to be a month of reflection as the bull run continues.
Bitcoin’s total crypto market share continued to erode over the weekend, approaching 40%, which could bode well for altcoin performance.Sunday saw signs of life on key altcoins, with Polkadot (DOT) leading the top ten with a 10% daily increase.
Ether, the largest altcoin, was up 3.2 percent to $3,425, albeit it was still down 13% from its position last weekend.