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These BTC supports are important now

Bitcoin (BTC) didn’t see any new gains on Thursday. The price has fallen below $ 45,000.

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

BTC price is moving towards $ 44,000

Data from Cointelegraph Markets Pro and TradingView shows that the BTC / USD pair fell as low as $ 44,200 on Thursday. That means it has decreased by 4 percent within 24 hours.

The pair climbed to a high of around $ 47,000 the day before, but there was a lot of resistance at that level that the volume couldn’t withstand.

“Slight weakness in the recent outbreak suggests potential exhaustion on this run,” says Cointelegraph employee Michaël van de Poppe on that day.

In his latest YouTube update, van de Poppe spoke of a possible, deeper correction for Bitcoin.

“Right now, I think most are expecting us to climb to $ 48,000 before going back down,” he said of Wednesday’s forecast.

“Either we break through there and rise towards $ 55,000 or what we create is not that high and from here we fall into the low range of $ 40,000, maybe even the high range of $ 30,000.”

On the big Binance exchange, the number of buyers also decreased at over $ 42,000. The sizable sales wall remains at $ 47,000.

BTC / USD long and short positions on Binance as of August 12th. Source: Material Indicators / Twitter

Golden cross still possible

But even the moderate decline on Thursday will not prevent a possible positive event on the daily chart for Friday, namely the golden cross.

In this context: Bitcoin makes $ 45,000 in support: Traders hope for a new altcoin season

Like the analyst and trader Rekt Capital noticed, the traditionally positive golden cross should continue to occur on Friday. The 50-day moving average crosses the 200-day moving average.

“This BTC decline is not enough to avert the coming golden cross,” he wrote on Twitter. He added that the BTC / USD pair should hold the $ 45,200 level as support to maintain the “bullish bias”.

However, there were also cases where the golden crosses resulted in corrections.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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