Bitcoin (BTC) touched $47,000 on Tuesday as ranging behavior continued to hint at an assail on major resistance.

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

Volatility narrows for Bitcoin

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD attempting to get out the $46,000 range on Tuesday after heading lower every bit the week began.

The surface area betwixt $45,000 and $48,000 has acted as a narrow trading corridor for Bitcoin as it attempts to knock downward its final hurdle before $50,000. So far, however, bulls have lacked the momentum to result major modify.

For Cointelegraph contributor Michaël van de Poppe, $48,000 was the level to sentry on the twenty-four hours, as a breakout from there could lead to another upward impulse move.

"If we clearly breakthrough there, that is probably going to trigger a big short squeeze, as everybody'south looking for a short in this area," he said in a fresh YouTube update.

"It reminds me of the $half-dozen,000 zone that we had with Bitcoin. If Bitcoin is going to intermission through this level, I think we're going to have a squeeze all the fashion upwardly to $55,000–$56,000, the next level that nosotros take here."

Young man trader and annotator Rekt Capital letter agreed that there was still plenty of fuel left in Bitcoin's uptrend despite the lack of an impulse move and then far.

Solana still headlines altcoin gains

Altcoins, meanwhile, returned to follow Bitcoin in its ranging beliefs, with most of the top 50 cryptocurrencies past market capitalization seeing a apartment 24-hour performance.

Related: 3 ways this Bitcoin balderdash run is different than late 2022

The notable exception was Solana (SOL), which added 14% on the mean solar day for weekly gains of most fourscore%.

Ether (ETH) held above $iii,200 like Bitcoin staying in a narrower range since volatility before in August.

ETH/USD 1-60 minutes candle chart (Bitstamp). Source: TradingView