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 Sept. 10 as analysis warned its multi-week uptrend was in danger. 

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 which has continued since mid July.

Now, BTC/USD needs to reclaim it, trader and analyst Rekt Capital says, 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

At the moment, BTC is ~$1000 below the Higher Low#Crypto #Bitcoin https://t.co/kbhDbtZkno pic.twitter.com/KBZCCK3SAk

— 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.

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

The events coincide with increasing non-fungible token (NFT) 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.

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

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

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