Bitcoin steals $47K from bears as critical BTC price resistance crumbles

Bitcoin (BTC), which tentatively reclaimed $47,000 Wednesday, is a move analysts believe will open the door to Bitcoin’s $50,000 goal.

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

Bitcoin bulls escape a second retest of the lows

Data from TradingView and Cointelegraph Markets Pro showed Wednesday’s BTC/USD close to $47,000. This is crucial for bullish continuation.

The level had been subject to fierce defense from whales the previous day, but the bulls won the day and lifted Bitcoin out of a multiday downward channel.

A dip towards $46,000 was not possible, which reinforces the optimistic case for BTC price action in the short-term.

There’s the 4HR candle close for #BTC If a dip occurs to ~$46100 from this point, it will likely be a retest opportunity to confirm a breakout from $BTC’s current market structure#Crypto #Bitcoin https://t.co/H8M59ihgLm pic.twitter.com/gveXn8v3Oh
— Rekt Capital (@rektcapital) September 14, 2021

In the midst of record low exchange rates and an implied supply squeeze, relative strength is a result of a BTC/USD golden cross.

Chart of Bitcoin exchange balance. Source: CryptoQuant

This was made even more evident by the daily chart. Pentoshi, a popular trader, noted that it produced a bullish engulfing candle, which wiped out six days’ worth of sideways action.

Analyst William Clemente said, “Back above 200DMA, now facing resistance at Monday’s high/September’s Monthly open ($47K–$47,150),”

“If these levels are broken, we could see a very quick move up to August’s high of $50.5K.”

Support echoes Minimum Monthly Close Predictions

An examination of the buy and sale levels on major exchange Binance revealed that resistance is now higher at just over $49,000 with clear support at several thousand dollars below spot.

The support is in line with the existing predictions for September’s minimum monthly close of $43,000. October requires a minimum close of $63,000 per month, which is close to the new record for Bitcoin.

Related: Bitcoin technicals – Incoming ‘golden crosses’ could present potential bottom for BTC prices

BTC/USD buy/sell levels (Binance) as at Sept. 15. Source: Material Indicators
https://cointelegraph.com/news/bitcoin-steals-47k-from-bears-as-critical-btc-price-resistance-crumbles

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Donna Burk

Donna Burk– Business News My Name is Donna Burk and I am also the main source from the ‘Dailynewssheet.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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