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Monday, September 27, 2021

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Bitcoin price hits $ 47,000 as critical BTC price resistance crumbles




Bitcoin (BTC) price provisionally recovered $ 47,000 on Sept. 15 in a move that analysts say should lead the way to $ 50,000.

BTC / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

Bitcoin’s bullish momentum breaks free from retesting lows

Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair held the $ 47,000 mark on Wednesday, and this was crucial to turn the situation upside.

The level had seen fierce defense from the whales the day before, but the bullish momentum finally won the upper hand., lifting Bitcoin out of a multi-day descending channel.

Even a slide to $ 46,000 failed to materialize, bolstering the optimistic case for short-term BTC price action.

Relative strength follows a golden crossover event of the BTC / USD pair, amid record low exchange balances, and an implicit supply squeeze.




Chart of Bitcoin balances of exchanges. Source: CryptoQuant

This was even more evident on the daily chart, which, What he pointed the popular trader Pentoshi, produced a “bullish engulfing” candle that erased six days of side action.

“Back above 200DMA, now facing a bit of resistance at Monday’s high / September monthly open ($ 47,000 – $ 47,150)”, added analyst William Clemente.

“If those levels are exceeded, a fairly rapid move towards the August high of $ 50,500 could occur.”

Support Echoes Predictions of a Monthly Low Close

A look at the buy and sell levels on the large exchange Binance confirmed that resistance is now higher, just above $ 49,000, with clear support several thousand dollars below the spot price.

Support lines up with existing predictions for September’s monthly low close, which is $ 43,000. OctoberRather, it calls for a minimum monthly close of $ 63,000, close to a new all-time high for Bitcoin.

BTC / USD (Binance) buy and sell levels as of September 15. Source: Material Indicators

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TAMMY SEWELL
Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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