Bitcoin (BTC) climbed to new multi-month highs later on Aug. twenty as an extended rebound took concord of crypto markets.

BTC/USD ane-solar day candle nautical chart (Bitstamp). Source: TradingView

Daily close "nearly important" for Bitcoin

Data from Cointelegraph Markets Pro and TradingView confirmed that BTC/USD hit its highest level since mid-May on Fri

After daily gains of almost 7%, Bitcoin saw a sudden surge to hit $48,630 on Bitstamp at the fourth dimension of writing, with bullish momentum however in action.

The motility meant that the largest cryptocurrency took its best swipe yet at a large sell wall that had been in identify for much of August. Beyond it, niggling stands in the mode of upside beyond $50,000, Cointelegraph reported.

"Daily Close is nigh of import now," trader and analyst Rekt Capital tweeted equally part of comments on the latest price action.

He added that the daily close would also determine a breakout from a rising wedge construction that has characterized Bitcoin for the past two weeks.

A look at the buy and sell levels on major commutation Binance highlighted the decreasing power of the sell wall, which was previously much denser and provided a firm barrier betwixt the spot price and $50,000.

BTC/USD purchase and sell levels (Binance) as of Aug. 20. Source: Textile Indicators/ Twitter

Ethereum sees "phenomenal" buy side activity

Meanwhile, it was hard to observe a single bear in the business firm Fri every bit sentiment firmly favored a reclaim of the $50,000 mark.

Related: Sub-zero interest? GBTC hits biggest discount since May Bitcoin price crash

As Cointelegraph reported, fundamentals and on-chain metrics favor continued upside for Bitcoin, with many echoing the scenario in late 2022, merely before the principal phase of the current balderdash run took concord.

Altcoins besides benefited from the positivity, with Cardano (ADA) however outperforming the pinnacle ten with 20% daily gains.

Ether (ETH), which traded below $3,000 earlier in the week, more than made upward for lost ground, targeting $three,300 at the time of writing.

"Astounding buy-side pressure on $ETH from the Weekly College Depression," Rekt Majuscule noted.

"ETH has returned to the very same resistance it was rejected from earlier this week."
ETH/USD 1-24-hour interval candle nautical chart (Bitstamp). Source: TradingView