Since the recent rejection at $ 48,000, Bitcoin is in danger of mining again. What’s next for cryptocurrency number 1 now?
BTC must Recapture $ 46,500
Bitcoin has tried several times in recent hours to overcome the resistance zone at $ 48,000 – but in vain. BTC could not build sufficient momentum and corrected as a result back down. Currently, BTC is trading back at $ 46,200 after a small recovery and thus below support at $ 46,400. Further losses threaten should BTC fall below support at $ 45,000.
The pseudonymous trader ShardiB2 comments on Bitcoin’s current situation: BTC only needs to recapture $ 46,500 – and the upward trend will continue.
1k reversal off the bottom, this looks real to me. Retake 46.5 k and that was your short lived dip….again… pic.twitter.com/2QGhjZoL0n
– Don’t follow ShardETH B if you hate money (@ShardiB2) August 17, 2021
However warn the popular trader Pentoshi his more than 219.000 Twitter followers currently that the buying momentum in Bitcoin is currently weakening and the cryptocurrency number 1 is losing momentum together with Ethereum.
However, top on-chain analyst Will Clemente highlights a positive factor in a recent tweet: Bitcoin buying appetite among retail investors. He writes:
“The share of retail investors (<10 BTC) in the total supply is increasing by leaps and bounds.
The little people are buying more Bitcoin than ever before.“
Retail’s holding (< 10 BTC) as a percentage of overall supply is hockey-sticking up.
The little guys are buying more Bitcoin than ever before. pic.twitter.com/Pj9TTK0Tsk
– Will Clemente (@WClementeIII) August 16, 2021
The question is: How sustainable will these purchases be?
Will September be the decisive Bitcoin month?
Analyst Benjamin Cowen takes a step back in his consideration, comparing the current trend in crypto markets with previous years. In doing so, he notes: For Bitcoin, it may not be August that is decisive-but September. Because: Since 2017, Bitcoin has been testing the 20-week moving average every September – and has either bounced off it or fallen through it.
“August can actually be a pretty good month for Bitcoin. But September is more interesting for me. And why? Because Bitcoin has been testing the 20-week moving average every September for the past four years.“
According to Cowen, Bitcoin’s test of the 20-week average could show how the price develops over the next few months. According to the industry observer, the test will “significantly determine the degree of bull run that Bitcoin will have in the coming months.“
Bitcoin could still fall to $ 43,500, according to Cowen. But that’s not bad, as he thinks an upward movement is likely, provided BTC can hold this level as support. Then, Cowen says, ” good things happen.”
You can see his full analysis here.
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