The Bitcoin price rose a little further on September 3, 2021. However, the Bitcoin price was rejected just before the horizontal resistance area at USD 51,200.
It could be that the Bitcoin price continues to rise in the short term, as 1 billion USDT were printed today. We’ll see if the owners of the USDT will use it to buy Bitcoin or other altcoins.
Tether’s market capitalization also increased by around $ 3 billion (about 5%) in September. The demand for stablecoin liquidity appears to continue to grow. If this trend continues, it could also have a positive effect on the Bitcoin price if the owners buy BTC with it. Otherwise the liquidity on the exchanges will definitely increase.
Bitcoin price is approaching critical resistance
On September 2, 2021, the Bitcoin price rose near the resistance area at USD 51,200. However, the BTC price could only reach the daily high at USD 50,450. After that, the BTC price fell again pretty quickly. That’s why you see a long, upper wick on the daily chart. The technical indicators on the daily chart are giving us mixed signals. On the one hand, the MACD has arrived in negative territory after a noteworthy bearish divergence had previously developed.
On the other hand, the RSI could invalidate the bearish divergence as a hidden bullish divergence could develop. In addition, the Supertrend indicator gives us a bullish signal. So the technical indicators give us both bearish and bullish signals.
However, the price development looks rather bearish, as the Bitcoin price is still trading below the resistance area at USD 51,200. There are several long, upper wicks on the day candles. These are a sign that there is strong selling pressure in the resistance area.
BTC price: Short-term outlook
On the 6-hour chart, like the daily chart, there are both bullish and bearish signals. The Bitcoin price broke below the ascending support line on August 26, 2021. Since then, the BTC course has failed twice when trying to validate it again as support.
The RSI did not move in a clear direction, which suggests that the trend direction is still open at the moment. The MACD is in positive territory, but there is a bearish divergence on it. The technical indicators give us different signals. However, the price trend tends to look bearish.
On the 2-hour chart, however, the Bitcoin price has broken out above a descending resistance line. After that, the BTC course validated the line as support. The line intersects with the 0.5 fib retracement level. Therefore, the Bitcoin price could soon rise again and approach the resistance area at USD 51,200.
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