Since the recent rejection at $ 48,000, Bitcoin is in danger of dwindling again. What’s next for cryptocurrency number 1?
BTC has to recapture $ 46,500
Bitcoin has tried several times in the past few hours to overcome the resistance zone at $ 48,000 – but in vain. BTC was unable to build up sufficient momentum and corrected down again as a result. After a slight recovery, BTC is currently trading at $ 46,200 again, below the support at $ 46,400. Further losses threaten if BTC falls below the support at $ 45,000.
The pseudonymous trader ShardiB2 comments on Bitcoin’s current situation: BTC only has to recapture $ 46,500 – and the upward trend will continue.
1k reversal off the bottom, this looks real to me. Retake 46.5k 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 warns The popular trader Pentoshi tells his more than 219,000 Twitter followers that the buying impulses for Bitcoin are currently weaker and the number 1 cryptocurrency is losing momentum together with Ethereum.
However, top on-chain analyst Will Clemente highlights a positive factor in a recent tweet: the desire to buy Bitcoin among small investors. He writes:
“The share of small investors (<10 BTC) in the total offer 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 crucial Bitcoin month?
Analyst Benjamin Cowen takes a step back and compares the current development on the crypto markets with previous years. In doing so, he notes: For Bitcoin, August may not be decisive – but September. Then: Bitcoin has been testing the 20-week moving average every September since 2017 – and either ricocheted off it or fell through it.
“August can actually be a pretty good month for Bitcoin. But September is more interesting for me. And why? Because Bitcoin has tested 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 is doing over the next few months. According to the industry observer, the test “will largely determine the degree of bull run that Bitcoin will have in the next few months.”
Bitcoin could still fall to $ 43,500, Cowen said. But that is not a bad thing, as he believes an upward movement is likely, provided that BTC can hold this level as support. Then, according to Cowen, “good things happen”.
You can check out his full analysis here.
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